For the year ended December 31, Year 2 For the year ended December 31, Year 1 $ 500 Revenues $ 12,500 Expenses 1,500 Net Income December 31, Year 2 December 31, Year 1 Assets $ 16,500 $ 1,000 Liabilities 500 Stock 300 300 Retained Earnings 1.$ 200 Assume Year 1 is the company's first year of business and there were $100 dividends in Year 1 and $100 dividends in Year 2. After determining the missing amounts ($) ) in the above financial statements, calculate and type in the December 31, Year 2 Retained Earnings 1.$.
For the year ended December 31, Year 2 For the year ended December 31, Year 1 $ 500 Revenues $ 12,500 Expenses 1,500 Net Income December 31, Year 2 December 31, Year 1 Assets $ 16,500 $ 1,000 Liabilities 500 Stock 300 300 Retained Earnings 1.$ 200 Assume Year 1 is the company's first year of business and there were $100 dividends in Year 1 and $100 dividends in Year 2. After determining the missing amounts ($) ) in the above financial statements, calculate and type in the December 31, Year 2 Retained Earnings 1.$.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:QUESTION 12
For the year ended December 31, Year 2
For the year ended December 31, Year 1
$ 500
Revenues
$ 12,500
Expenses
1,500
Net Income
December 31, Year 2
December 31, Year 1
Assets
$ 16,500
$ 1,000
Liabilities
500
Stock
300
300
Retained Earnings
1.$
200
Assume Year 1 is the company's first year of business and there were $100 dividends in Year 1 and $100 dividends in Year 2. After determining the missing amounts ($)
statements, calculate and type in the December 31, Year 2 Retained Earnings 1.$
in the above financial
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