At the end of Year 2, a company has a retained earnings balance of 5,700. Compute the missing amounts in the following table.
| Year 1 | Year 2 | |
|---|---|---|
| Beginning retained earnings | 4,500 | A |
| Revenues for the year | 16,300 | 15,200 |
| Expenses for the year | B | 13,300 |
| Dividends declared | 1,000 | 1,500 |
| (B) Year 1 Expenses | (A) Year 2 Beginning retained earnings | |
|---|---|---|
| 1. | 13,700 | 2,300 |
| 2. | 14,500 | 5,300 |
| 3. | 17,500 | 5,700 |
| 4. | 19,500 | 6,100 |
| 5. | None of the above | |
| Year 1 Expenses | Year 2 Beginning retained earnings | |
|---|---|---|
| 2. | 14,500 | 5,300 |
| Click Here to View All Chapter 1 Problems at Once | View | ||
| 1 | Current Assets | Easy | |
| 2 | Matching Basic Vocabulary | Easy | |
| 3 | Retained Earnings | Easy | |
| 4 | Account Classifications | Moderate | |
| 5 | Solving for Missing Amounts | Moderate | |
| 6 | Solving for Net Income | Moderate | |
| 7 | Tying the Statements Together | Moderate | |
| 8 | Account Classifications | Hard | |
| 9 | Calculating Operating Income | Hard | |
| 10 |
Solving for Retained Earnings
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Hard |
| 1 | The Accounting Equation | 3:02 | |
| 2 | Assets vs Liabilities | 5:32 | |
| 3 | Shareholder's Equity | 5:26 | |
| 4 | The Balance Sheet | 5:52 | |
| 5 | The Statement of Retained Earnings | 5:51 | |
| 6 | The Income Statement | 6:19 | |
| 7 | The Statement of Cash Flows | 6:02 | |
| 8 | How the Statements Work Together | 9:02 | |
| 9 | Current Assets | 9:57 | |
| 10 | Non-Current Assets | 10:25 | |
| 11 | Current Liabilities | 6:24 | |
| 12 | Non-Current Liabilites | 2:00 | |
| 13 | Contributed Capital | 5:10 | |
| 14 | The Classified Balance Sheet | 4:48 | |
| 15 | The Multistep Income Statement | 12:44 | |
| 16 | Retained Earnings vs Shareholder's Equity | 6:41 |