Question

At the beginning of April, Owl Corporation has a balance of $15,200 in the Retained Earnings account. During the month of April, Owl had the following external transactions.
1. Issue common stock for cash, $12,000.
2. Provide services to customers on account, $9,800.
3. Provide services to customers in exchange for cash, $4,500.
4. Purchase equipment and pay cash, $7,500.
5. Pay rent for April, $2,000.
6. Pay workers’ salaries for April, $3,600.
7. Pay dividends to stockholders, $2,400.

Required:
Using the external transactions above, compute the balance of Retained Earnings at April 30.



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  • CreatedJuly 15, 2014
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