The Ping Corporation Was Started on January 1, 2013, with the Issuance

question 112

Essay

The Ping Corporation was started on January 1, 2013, with the issuance of $20,000 of stock. During 2013, the company provided $30,000 of services on account and collected $18,000 of that amount. Ping incurred $23,000 of expenses, and paid $20,000 of that amount during 2013. On December 31, 2013, Ping paid investors a $800 cash dividend and accrued $2,000 of salary expense.
Required:
1) What is the net income for year ending December 31, 2013?
2) Prepare Ping Corporation's Statement of Cash Flows for the year ended December 31, 2013.
3) What is the balance in Ping's retained earnings account after closing entries are made on December 31, 2013?

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Definitions:

Nkisi N'kondi

A type of power figure from Central Africa's Kongo region, believed to house spirits that can be activated through ritualistic practices.

Trained Priest

An individual who has undergone religious education and ordination to perform sacraments, guide spiritual life, and lead religious ceremonies.

Masqueraders

Participants in a masquerade, wearing costumes and masks to conceal their identity, often part of traditional ceremonies, festivals, or modern-day parties and balls.

Traditional African Culture

The diverse social practices, languages, art, and rituals that have historically existed and continue to exist within African societies.