Reference no: EM132476129

Review of the Accounting Cycle

Retained Earnings

Over the course of 2018, the first year of operations, Medical Supplies, Inc. had the following income transactions:

Sales Revenue $4,340,000

Cost of Goods Sold $1,936,000

Wage Expense $876,000

Insurance Expense $324,000

Administrative Expense $414,000

Utilities Expense $192,000

Selling Expense $42,000

1. The company declared and paid the following amount of dividends.
2. Declared and Paid Dividends $62,000
3. Use the blue shaded areas on the ENTERANSWERS tab for inputs.
4. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong.

Question 1: What is the ending balance in the retained earnings account at year-end? (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong.)