Compute the balance of retained earnings

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Reference no: EM131519610

Question: At the beginning of April, Owl Corporation has a balance of $12,000 in the Retained Earnings account. During the month of April, Owl had the following external transactions.

1. Issue common stock for cash, $10,000.

2. Provide services to customers on account, $7,500.

3. Provide services to customers in exchange for cash, $2,200.

4. Purchase equipment and pay cash, $6,600.

5. Pay rent for April, $1,200.

6. Pay workers' salaries for April, $2,500.

7. Pay dividends to stockholders, $1,500.

Required: Using the external transactions above, compute the balance of Retained Earnings at April 30.

Reference no: EM131519610

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