Harvest Company Had the Following Activity During the Year

question 21

Essay

Harvest Company had the following activity during the year:
At the beginning of the year, the balance in Retained Earnings was $51,000. In addition, Harvest Company had assets at the end of the year of $205,000, and Common Stock of $85,000.
REQUIRED:
1. Compute the amount of the net income or loss for the year.
2. Compute the ending retained earnings balance.
3. Compute the amount of the liabilities at the end of the year.

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Definitions:

Redbox

A company that rents DVDs, Blu-ray discs, and video games through self-service kiosks located at high-traffic shopping locations.

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Self-service devices that dispense products like snacks, drinks, and various other items to customers following the insertion of cash, credit card, or a purpose-built card into the machine.

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Four Utilities

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