calculate the missing amount for each of the following situa

Parrish-Sheets Chapter 1 Homework-Qui ndria Henshaw: Attempt 1 Question 12 (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 $8,000 $1,000 $3,000 $5,000 2 Make sure your answer does not include a \"$\" (dollar sign) number; such as \"55000\" abs Save Question 13 (1 point)

Solution

Computation of Net Income

Revenues

8,000

Less: Expenses

-3,000

Net Income

5,000

Computation of Ending Retained Earnings

Beginning Retained Earnings

5,000

Add: Net Income

5,000

Less: Dividends

-1,000

Ending Retained Earnings

9,000

December 31 retained earnings balance =9,000

Computation of Net Income
Revenues	8,000
Less: Expenses	-3,000
Net Income	5,000