Schumacher Company uses the perpetual inventory system, and it engaged in the following transactions during 2014: 1)
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Question:
Schumacher Company uses the perpetual inventory system, and it engaged in the following transactions during 2014:
1) Started the business by issuing common stock for $7,500 cash
2) Paid cash to purchase $5,000 of inventory
3) Sold inventory that cost $3,000 for $7,250 cash
4) Incurred and paid operating expenses, $250 Schumacher Company engaged in the following transactions during 2015:
1) Paid cash to purchase $5,800 of inventory
2) Sold inventory that cost $7,000 for $15,150 cash
3) Incurred and paid operating expenses, $500
The amount of Retained Earnings at December 31, 2014 is:
- $4,250.
- $11,150.
- $11,650.
- $4,000.
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