Answer this question The following information is reported for Kinney Corporation at theend of 2013.Accounts Receivable $23,000Retained EarningsAccounts Payable$11,000Supplies Inventory$9,000Cash$8,000Equipment$138,000Common Stock$110,000a. Compute the amount of retained earnings at the end of 2013.b. If the amount of retained earnings at the beginning of 2013 was$30,000, and $12,000 in cash dividends were declared and paid during2013, what was its net income for 2013?

Step 1: Define Retained EarningsRetained earnings are a part of profit that is left after settling…

Answered: The following information is reported…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter17: Financial Statement Analysis

Section: Chapter Questions

Problem 17E

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The following information is reported for Kinney corporation at the end of 2013.
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