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Warren Enterprises had the following events during Year 1:
- The business issued $24,000 of common stock to its stockholders.
- The business purchased land for $16,000 cash.
- Services were provided to customers for $20,000 cash.
- Services were provided to customers for $9,000 on account.
- The company borrowed $20,000 from the bank.
- Operating expenses of $16,000 were incurred and paid in cash.
- Salary expense of $1,200 was accrued.
- A dividend of $8,000 was paid to the stockholders of Warren Enterprises.
Assuming the company began operations during Year 1, What is the amount of retained earnings as of December 31, Year 1?
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