Business, 31.08.2021 05:10 abrannan00pdw6ab

ABC Company ended Year 1 with the following account balances: Cash 600, Common Stock 400, and Retained Earnings 200.

The following transactions occurred during Year 2:

Issued common stock for $19,000 cash.
ABC borrowed an additional $11,000 from Chris Bank.
ABC earned $9,000 of revenue on account.
ABC incurred $4,000 of operating expenses on account.
Cash collections of accounts receivables were $6.000.
ABC provided additional services to customers for $1,000 cash.
ABC purchased land for $14,000.
ABC used $3,000 in cash to make a partial payment on its accounts payable.
ABC declared and paid a $200 dividend to the stockholders
On December 31 ABC had accrued salaries of $4,000 .

Required:
What is the amount of retained earnings that will be shown on the balance sheet prepared at the end of Year 2?

Answers: 3

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ABC Company ended Year 1 with the following account balances: Cash 600, Common Stock 400, and Reta...

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