Immediately After the Adjusting Entries Were Journalized and Posted for the 20X2

question 72

Essay

Immediately after the adjusting entries were journalized and posted for the 20X2 year, the accounts of Way Corporation showed the following balances: $$\begin{array} { | l | r | } \hline \text { Share capital, December } 31,20 \times 2 & \$ 80,000 \\\hline \text { Retained earnings, beginning balance, January } 1,20 \times 2 & \$ 20,000 \\\hline \text { Total revenues earning during 20X2 } & \$ 85,000 \\\hline \text { Total expenses incurred during 20X2 } & \$ 65,000 \\\hline \text { Total dividends declared and paid during 20X2 } & \$ 2,000 \\\hline\end{array}$$ Give the amount that should be shown in each of the following accounts before any transactions are recorded for the year 20X3: $$\begin{array} { | l | l | } \hline \text { Share Capital } & \$ \\\hline \text { Retained earnings } & \$ \\\hline\end{array}$$

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Definitions:

Single Mothers

Female parents who are not living with a spouse or partner and are raising their children on their own.

Conservative Theory

A political or economic theory advocating for traditional values, minimal government intervention in the economy, and emphasizing individual responsibility and market freedom.

Welfare Dependency

A condition where individuals or families rely extensively on government assistance for long periods, rather than obtaining income through employment.

The Poor

Individuals or groups who lack the financial resources to meet a minimum level of living standards considered acceptable in a society.