Over the course of 2018, the first year of operations, Medical Supplies, Inc. had the following income
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Over the course of 2018, the first year of operations, Medical Supplies, Inc. had the following income transactions: Sales Revenue of $ 4,340,000; Cost of Goods Sold of $ 1,936,000; Wage Expense of $876,000; Insurance Expense of $324.000; Administrative Expense of $414,000: Utilities Expense of $192,000; and Selling Expense of $42,000. At the end of 2018, the company declared and paid dividends in the amount of $62,000. What is the ending balance in the retained earnings account at year-end?
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Related Book For
Intermediate Accounting
ISBN: 978-0134730370
2nd edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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