Reference no: EM133105524
Questions -
Q1) Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $69,825 cash to start the business and received 5,700 shares. The store completed its first year of operations on December 31, 2020. On that date, the following financial items for the year were determined: cash on hand and in the bank, $56,850; amounts due from customers from sales of books, $37,950; property and equipment, $86,250; amounts owed to publishers for books purchased, $13,100; one-year note payable to a local bank for $10,500. No dividends were declared or paid to the shareholders during the year.
It is asking to complete a balance sheet, I have done most of it but I am not so sure what the "retained earnings" and "total shareholders' equity" would be
Q2) Using the retained earnings equation and an opening balance of $0, work backward to compute the amount of net income for the year that ended December 31, 2020. What is the net income?
Q3) Assuming that Reader Direct generates net income of $5,975 and pays dividends of $2,850 in 2021, what would be the company's ending Retained Earnings balance at December 31, 2021? what is the ending retained earnings?
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