Figgaro Company Inc.'s accounts and their balances, as of the end of August, are included below. All accounts have normal balances: a. Calculate net income.
b. Determine the amount of retained earnings to be shown on the August 31 balance sheet.

Question

Figgaro Company Inc.'s accounts and their balances, as of the end of August, are included below. All accounts have normal balances:  a. Calculate net income.
b. Determine the amount of retained earnings to be shown on the August 31 balance sheet.

Quizplus · Accepted Answer

The Answer of Figgaro Company Inc.'s accounts and their balances, as of the end of August, are included below. All accounts have normal balances:  a. Calculate net income.
b. Determine the amount of retained earnings to be shown on the August 31 balance sheet.