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Rollins Company's accounting records show an after-closing balance of $19,400 in its Retained Earnings account on December 31, 2014. During the 2014 accounting cycle, Rollins earned $15,100 of revenue, incurred $9,200 of expense, and paid $1,500 of dividends. Revenues and expenses were recognized evenly throughout the accounting period
Question 1: Figuring out the balance in Retained Earnings as of June 30th 2014.
Assume that a company sold a delivery van that had been used in the business for three years. Records of the company related to the van reflect the following.
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