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e. What is the amount of change in retained earnings for the year? Change in retained earnings

e. What is the amount of change in retained earnings for the year? Change in retained earnings

FINANCIAL ACCOUNTING
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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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: Balance Account Cash Accounts receivable Accounts payable Common stock Retained earnings $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.
Transcribed Image Text: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: Balance Account Cash Accounts receivable Accounts payable Common stock Retained earnings $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.
eivable. 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. e. What is the amount of change in retained earnings for the year? Change in retained earnings
Transcribed Image Text:eivable. 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. e. What is the amount of change in retained earnings for the year? Change in retained earnings
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