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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.$.

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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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
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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