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QUESTION 5 For the year ended December 31, Year 2 For...

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Accounting

QUESTION 5

For the year ended December 31, Year 2 For the year ended December 31, Year 1
Revenues $6,500 $500
Expenses $1,500
Net Income
December 31, Year 2 December 31, Year 1
Assets $16,500 $1,000
Liabilities $500
Stock $300 $300
Retained Earnings 1.$___ $200

Assume Year 1 is the company's first year of business and there were $100 dividends in Year 1 and $100 dividends in Year 2. After determining the missing amounts ($______) in the above financial statements, calculate and type in the December 31, Year 2 Retained Earnings 1.$_________.

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