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Compute the amount of retained earnings

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Question - The following information is reported for Kinney Corporation at the end of 2013.

Accounts Receivable

$34,500

Retained Earnings

$?

Accounts Payable

16,500

Supplies Inventory

13,500

Cash

12,000

Equipment

207,000

Common Stock

165,000


a. Compute the amount of retained earnings at the end of 2013.

b. If the amount of retained earnings at the beginning of 2013 was $45,000, and $18,000 in cash dividends were declared and paid during 2013, what was its net income for 2013?

Reference no: EM132065334

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