The balance sheet as of December 31, 20x2 contained the following: Assets $180,000 Liabilities $50,000 Paid-in Capital $100,000 Retained Earnings $30,000 Throughout the year, assets increased by $67,540, liabilities increased by $48,436, and paid-in capital remained the same. What should be the balance for Retained Earnings for December 31, 20x3?
1. The balance sheet as of December 31, 20x2 contained the following:
Assets $180,000
Liabilities $50,000
Paid-in Capital $100,000
Retained Earnings $30,000
Throughout the year, assets increased by $67,540, liabilities increased by $48,436, and paid-in capital remained the same. What should be the balance for Retained Earnings for December 31, 20x3?
2. What should be the amount stated as Ending Retained Earnings on the Statement of Retained Earnings given the following information?
Beginning Retained Earnings: $100
Revenue: $692
Expense: $370
Dividends: $87
3. What should be the amount stated as Net Income on the Income Statement given the following information?
Revenue: $710
Expense: $482
Beginning Retained Earnings: $100
Dividends: $59
4.
Year One
Assets $50,000
Liabilities $25,000
Stock $10,000
Retained Earnings $15,000
Suppose in year two the company plans to grow assets by 50%, liabilities are limited to 30% of assets, expected net income is $9,517, and dividends are $1,498. What is the projected total for assets in year two?
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