Determining Retained Earnings and Net Income The following information appears in the records of Bock Corporation at year-end: Accounts Receivable $23,000 Retained Earnings ? Accounts Payable 00 Supplies Cash Common Stock 110,000 9,000 8,000 Equipment, net 154,000 a. Calculate the balance in Retained Earnings at year-end $ 0 b. If the amount of the retained earnings at the beginning of the year was $30,000 and $12,000 in dividends is paid during the year, calculate net income for the year. $42,000
Determining Retained Earnings and Net Income The following information appears in the records of Bock Corporation at year-end: Accounts Receivable $23,000 Retained Earnings ? Accounts Payable 00 Supplies Cash Common Stock 110,000 9,000 8,000 Equipment, net 154,000 a. Calculate the balance in Retained Earnings at year-end $ 0 b. If the amount of the retained earnings at the beginning of the year was $30,000 and $12,000 in dividends is paid during the year, calculate net income for the year. $42,000
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter16: Financial Statement Analysis
Section: Chapter Questions
Problem 21E
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![Determining Retained Earnings and Net Income
The following information appears in the records of Bock Corporation at year-end:
Accounts Receivable $23,000 Retained Earnings ?
Accounts Payable 00 Supplies
Cash
Common Stock 110,000
9,000
8,000 Equipment, net 154,000
a. Calculate the balance in Retained Earnings at year-end
$ 0
b. If the amount of the retained earnings at the beginning of the year was $30,000 and
$12,000 in dividends is paid during the year, calculate net income for the year.
$42,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd6863e6b-a2ac-4035-9fe3-e0bcecd191fe%2Fdada6bbb-62b1-4af0-89d7-8a7fdb0f7760%2Fhz7k7r8.jpeg&w=3840&q=75)
Transcribed Image Text:Determining Retained Earnings and Net Income
The following information appears in the records of Bock Corporation at year-end:
Accounts Receivable $23,000 Retained Earnings ?
Accounts Payable 00 Supplies
Cash
Common Stock 110,000
9,000
8,000 Equipment, net 154,000
a. Calculate the balance in Retained Earnings at year-end
$ 0
b. If the amount of the retained earnings at the beginning of the year was $30,000 and
$12,000 in dividends is paid during the year, calculate net income for the year.
$42,000
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