The following information appears in the records of Bock Corporation at year-end: Accounts Receivable $46,000 Retained Earnings $? Accounts Payable 21,000 Supplies 9,000 Cash 8,000 Equipment, net 138,000 Common Stock 110,000 a. Calculate the balance in Retained Earnings at year-end. 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.
The following information appears in the records of Bock Corporation at year-end: Accounts Receivable $46,000 Retained Earnings $? Accounts Payable 21,000 Supplies 9,000 Cash 8,000 Equipment, net 138,000 Common Stock 110,000 a. Calculate the balance in Retained Earnings at year-end. 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.
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 15EA: Farmington Corporation began the year with a retained earnings balance of $20,000. The company paid...
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The following information appears in the records of Bock Corporation at year-end:
| Accounts Receivable | $46,000 | $? | ||
| Accounts Payable | 21,000 | Supplies | 9,000 | |
| Cash | 8,000 | Equipment, net | 138,000 | |
| Common Stock | 110,000 |
a. Calculate the balance in Retained Earnings at year-end.
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.
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