Retained Earnings and Net Income Assignment
Determining Retained Earnings and Net Income The following information appears in the records of Poco Corporation at year-end: Accounts Receivable $42,000 Retained Earnings $? Accounts Payable 21,000 Supplies 30,000 Cash 18,000 Equipment, net 105,000 Common Stock 139,000 a.
Calculate the amount of retained earnings at year-end. $ b. If the amount of retained earnings at the beginning of the year was $25,000, and $10,000 in dividends is paid during the year, calculate net income for the year. Get Accounting homework help today