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    SBBBMOM111's Avatar
    SBBBMOM111 Posts: 1, Reputation: 1
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    #1

    Apr 17, 2009, 05:45 AM
    Net Income (or Loss) and Retained Earnings
    What is the net income for the year ended December 31, 2008, retained earnings balance at the end of the year, total amount of assets at the end of the year, total amount of liabilities at the end of the year, how much owner’s equity at the end of the year and what is the accounting equation at December 31, 2008?


    Using this information what would be the answer to the above questions.


    Accounts payable $5000
    Accounts receivable 4500
    Capital stock 8000
    Cash 13,000
    Dividends paid during the year 3,000
    Landscaping revenues 25,000
    Office equipment 7,500
    Rent Expense 6,500
    Retained earnings, beginning of year 8,500
    Salary and wage expense 12,000
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #2

    Apr 18, 2009, 10:29 AM

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