ParrishSheets Chapter 1 Homework Quiz ndria Henshaw Attempt

Parrish-Sheets Chapter 1 Homework Quiz ndria Henshaw: Attempt 1 Question 41 (1 point) Calculate the missing amount for each of the following situations. Revenues for 2014 Dividends declared in 2014 Expenses for 2014 January 1 retained earnings balance December 31 retained earnings balance $63,000 $21,000 $38,000 $16,000 Make sure your answer does not include a \"$\" (dollar sign) or number; such as \"55000\". ab Save Question 42 (1 point)

Solution

Revenue $ 63,000.00 Expenses $ 38,000.00 Net Income $ 25,000.00 Statement of Retained Earnings December 31st,2014 Retained Earnings Jan 1, $ 12,000.00 Add: Net Income $ 25,000.00 Less: dividend Paid $ 21,000.00 Retained Earnings at December 31st, $ 16,000.00 Beginning Retained Earnings+Net Income-Dividend=Ending Retained Earnings Ending Retained Earnings+Dividend-Net Income=Beginning Retained Earnings $16000+$21000-$25000 $ 12,000.00