The following information appears in Lancelot Corporation's records at the end of 2019:
a. What is the amount of retained earnings at the end of 2019?
b. If the amount of retained earnings at the beginning of 2019 was $18,000, and $8,000 of dividends were declared and paid during 2019, what was the net income (loss) for 2019?

Question

The following information appears in Lancelot Corporation's records at the end of 2019: 
  a. What is the amount of retained earnings at the end of 2019?
b. If the amount of retained earnings at the beginning of 2019 was $18,000, and $8,000 of dividends were declared and paid during 2019, what was the net income (loss) for 2019?

Quizplus · Accepted Answer

The Answer of The following information appears in Lancelot Corporation's records at the end of 2019: 
  a. What is the amount of retained earnings at the end of 2019?
b. If the amount of retained earnings at the beginning of 2019 was $18,000, and $8,000 of dividends were declared and paid during 2019, what was the net income (loss) for 2019?

The Following Information Appears in Lancelot Corporation's Records at the End