During 2012, Shadow Price Corporation had revenues of $520,000 and expenses, including income taxes, of $390,000. On

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During 2012, Shadow Price had revenues of $520,000 and expenses, including income taxes, of $390,000. On December 31, 2011, Shadow Price had assets of $700,000, liabilities of $210,000, and capital stock of $320,000. Shadow Price paid a cash of $50,000 in 2012. No additional stock was issued. Compute the retained earnings on December 31, 2011, and 2012.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...

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Accounting concepts and applications

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Question Posted: Dec 30, 2011 03:17 AM

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During 2012, Shadow Price Corporation had revenues of $520,000 and expenses, including income taxes, of $390,000. On

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Retained earnings December 31 2011 170000 Retained earnings D...View the full answer

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