Answer full question. ### Change in Retained Earnings for the Year#### Question:e. What is the amount of change in retained earnings for the year?#### Input Field:- **Change in retained earnings**: [input field]#### Explanation:In this section, students are asked to determine the amount of change in retained earnings for a given year, commonly assessed in accounting and finance courses. The change in retained earnings can be calculated typically by using the formula:\[ \text{Change in Retained Earnings} = \text{Net Income} - \text{Dividends Paid} \]Students should input their calculated amount in the provided field. ### Required Information**[The following information applies to the questions displayed below.]**At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 27,500 Accounts receivable $ 18,000 Accounts payable $ 13,200 Common stock $ 19,100 Retained earnings $ 13,200 The following events apply to Oak Consulting for Year 2:1. Provided $71,700 of services on account.2. Incurred $3,400 of operating expenses on account.3. Collected $46,200 of accounts receivable.4. Paid $30,100 cash for salaries expense.5. Paid $14,940 cash as a partial payment on accounts payable.6. Paid a $9,400 cash dividend to the stockholders. This information provides a snapshot of Oak Consulting's financial activities and balances at the start of Year 2 as well as significant financial events during the year.

Net income = Service revenue - operating expenss - salaries expense = $71700 - 3400 - 30100 =…

At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $ 27,500 18,000 13,200 19,100 13,200 The following events apply to Oak Consulting for Year 2: 1. Provided $71,700 of services on account. 2. Incurred $3,400 of operating expenses on account. 3. Collected $46,200 of accounts receivable. 4. Paid $30,100 cash for salaries expense. 5. Paid $14,940 cash as a partial payment on accounts payable. 6. Paid a $9,400 cash dividend to the stockholders.

At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Cash Accounts receivable Accounts payable Common stock Retained earnings Balance $ 27,500 18,000 13,200 19,100 13,200 The following events apply to Oak Consulting for Year 2: 1. Provided $71,700 of services on account. 2. Incurred $3,400 of operating expenses on account. 3. Collected $46,200 of accounts receivable. 4. Paid $30,100 cash for salaries expense. 5. Paid $14,940 cash as a partial payment on accounts payable. 6. Paid a $9,400 cash dividend to the stockholders.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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