At the beginning of the current year, Wilson Corporation had 200,000 shares of $1 par common stock outstanding and had retained earnings of $4,800,000. During the year, the company earned $1,675,000 and paid a year-end cash dividend of $3 per share. What was Wilson’s retained earnings at the end of the year?

On November 1, Delphi Corporation sold merchandise in return for a 7%, 90-day note receivable in the amount of $30,000. What does the proper adjusting entry at December 31 (the end of Delphi’s fiscal year) include?

Answer rating: 100% (QA)

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