BE 201Use the Following Information to Calculate for the Year

question 38

Short Answer

BE 201Use the following information to calculate for the year ended December 31, 2018 (a) net income, (b) ending retained earnings, and (c) total assets. $$\begin{array} { l r l r } \text { Supplies } & \$ 3,000 & \text { Revenues } & \$ 25,000 \\\text { Operating expenses } & 12,000 & \text { Cash } & 15,000 \\\text { Accounts payable } & 9,000 & \text { Dividends } & 1,000 \\\text { Accounts receivable } & 3,000 & \text { Notes payable } & 1,000 \\\text { Beginning retained earnings } & 5,000 & \text { Equipment } & 6,000\end{array}$$

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