I want to correct answer accounting questions The following information is reported for Wilson Manufacturing at the endof 2024:Accounts Receivable: $45,000 Accounts Payable: $25,000 Inventory: $15,000Cash: $12,000 Equipment: $185,000 Common Stock: $150,000a. Compute the amount of retained earnings at the end of 2024. b. If theamount of retained earnings at the beginning of 2024 was $42,000, and$18,000 in cash dividends were declared and paid during 2024, what was itsnet income for 2024?

Step 1: Definitions ofa. Retained EarningsRetained earnings represent the accumulated net income of…

Answered: The following information is reported…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 54CE

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