Use the following information to answer:
Additional data: Total expenses for the year were $70,000; Dividends paid during the year were $16,000.
-Stockholders' equity and total assets were $192,000 and $474,000 respectively at the beginning of the period. Assets increased 50% and liabilities decreased 60% during the period.

Question

Use the following information to answer:
  Additional data: Total expenses for the year were $70,000; Dividends paid during the year were $16,000.
-Stockholders' equity and total assets were $192,000 and $474,000 respectively at the beginning of the period. Assets increased 50% and liabilities decreased 60% during the period.

Quizplus · Accepted Answer

Assets - Liabilities - Common stock = Retained earnings
($20,000 + $300,000) - $60,000 - $130,000 = $130,000

Use the Following Information to Answer