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What is the balance of the retained earnings account

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Reference no: EM132531378

Warren Enterprises began operations during Year 1. The company had the following events during Year 1:

  1. The business issued $22,000 of common stock to its stockholders.
  2. The business purchased land for $14,000 cash.
  3. Services were provided to customers for $18,000 cash.
  4. Services were provided to customers for $7,000 on account.
  5. The company borrowed $18,000 from the bank.
  6. Operating expenses of $14,000 were incurred and paid in cash.
  7. Salary expense of $1,000 was accrued.
  8. A dividend of $6,000 was paid to the stockholders of Warren Enterprises.

Question 1: After closing, what is the balance of the Retained Earnings account as of December 31, Year 1?

Reference no: EM132531378

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