What dollar value of retained earnings should yana report

Assignment Help Financial Accounting

Reference no: EM133497256

Question: Iman and Kelsey own a construction business called I&K Custom Contractors. I&K has total stockholders' equity of $90,305. The business also has total assets of $145,120. I&K has only two liabilities in the liabilities section of its balance sheet: Accounts Payable and Notes Payable. The balance sheet shows Notes Payable of $34,524. I&K Contractors will pay this note back 5 years from now. What is the total amount of short term liabilities shown on the I&K balance sheet?

Yana owns a small business selling e-sports accessories. Her balance sheet at the end of last year showed retained earnings of $11,230. The following facts relate to Yana's activities this year.

Yana declared and paid a dividend of $1,020.
Yana issued 40 new shares of stock. Investors paid $30 per share.
Yana earned net income of $31,739

What dollar value of retained earnings should Yana report on her balance sheet at the end of this year?

Reference no: EM133497256

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