Solution-Compute the amount of retained earnings

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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Compute the amount of retained earnings

Reference no: EM132065334

Reference no: EM132065334

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