onnect.mheducat Accounts Rece ivab le Cach (bal ance on January 1, 206 Cash (bal

Question

onnect.mheducat Accounts Rece ivab le Cach (bal ance on January 1, 206 Cash (bal ance an Deceaber 31 2061 e Tax Expense Patai ned Earn ings (beginina) Sei aries :nd Payable Cash tros issuing comon stock e comon stock 11 000 Cash paid to purchase ony-ter" B5sets s and al oyees PA1-4 Part 2 2-a. What is the amount of retained earnings as of December 31, 20% 2-b. Did the retained earnings at December 31, 2016, arise primanly from current year earnings or earnings retained from prior years @e "1 GIGABYTE F6 F8 F9 F10 F11 F3 F4 F5 F7

Explanation / Answer

2-a. Retained earnings as of December 31, 2016: $29400

2-b. Arise primarily from current year earnings

2-c. Statement of Retained Earnings

Working:

Income Statement Service revenue 137800 Expenses: Office expense 14300 Salaries and wages expense 35700 Utilities expense 25100 Interest expense 29500 Income tax expense 10100 Total expense 114700 Net income 23100

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