Warren Enterprises had the following events during Year 1: The business issued $33,000 of common stock to its stockholders. The business purchased land for $25,000 cash. Services were provided to customers for $29,000 cash. Services were provided to customers for $18,000 on account. The company borrowed $29,000 from the bank. Operating expenses of $25,000 were incurred and paid in cash. Salary expense of $2,100 was accrued. A dividend of $17,000 was paid to the stockholders of Warren Enterprises. Assuming the company began operations during Year 1, the amount of retained earnings as of December 31, Year 1 would be:
Warren Enterprises had the following events during Year 1: The business issued $33,000 of common stock to its stockholders. The business purchased land for $25,000 cash. Services were provided to customers for $29,000 cash. Services were provided to customers for $18,000 on account. The company borrowed $29,000 from the bank. Operating expenses of $25,000 were incurred and paid in cash. Salary expense of $2,100 was accrued. A dividend of $17,000 was paid to the stockholders of Warren Enterprises. Assuming the company began operations during Year 1, the amount of retained earnings as of December 31, Year 1 would be:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Warren Enterprises had the following events during Year 1: The business issued $33,000 of common stock to its stockholders. The business purchased land for $25,000 cash. Services were provided to customers for $29,000 cash. Services were provided to customers for $18,000 on account. The company borrowed $29,000 from the bank. Operating expenses of $25,000 were incurred and paid in cash. Salary expense of $2,100 was accrued. A dividend of $17,000 was paid to the stockholders of Warren Enterprises. Assuming the company began operations during Year 1, the amount of retained earnings as of December 31, Year 1 would be:
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