Determine the amount of retained earnings, Financial Accounting

Assignment Help:

From the information provided, determine:

1.) The amount of retained earnings at December 31 and

2.) The amount of revenues for the period.

Additional data:

1.)Expenses for the period were $55,000;

2.) Dividends paid were $9,000;

3.) Capital stock increased by $20,000 during the period.

TOTALS JANUARY - DECEMBER 31

Current assets $15,000 - $25,000
All other assets 240,000 - 220,000
Liabilities 125,000 - 85,000
Capital stock 70,000 - ?
Retained earnings 60,000 - ?

 


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