Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. eastern enterprises started the year with the foll

Eastern Enterprises started the year with the following: Assets $119,000; Liabilities $41,000; Common Stock $71,000;...

80.2K

Verified Solution

Question

Accounting

Eastern Enterprises started the year with the following: Assets $119,000; Liabilities $41,000; Common Stock $71,000; Retained Earnings $7,000. During the year, the company earned revenue of $6,300, all of which was received in cash, and incurred expenses of $3,650, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $2,300 to owners. Assume no other activities occurred during the year. The amount of Eastern's retained earnings at the end of the year is:

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Algebra
1.2K views

Instructions For the following quadratic functions write the function in factored form and then find...

Finance
1.2K views

Hamilton General Hospital needs a new MRI machine due to increasing volume of outpatient MRI orders...

Physics
1.2K views

For two objects dropped at two different times from the same location (e.g. a bridge), while...

Physics
1.2K views

A brine solution with a density of 1230 kg/m3 moves through a constricted pipe in steady,...

General Management
1.2K views

"Car manufacturers GM and Chrysler are in serious need of improving their operations. Describe how these...

Biology
1.2K views

me ction 11 1 Characteristics pribrist to noiteluge atsmites noitermoini air no 1 Why do...

Biology
1.2K views

1 Define biology CHAPTER 1 LEARNE

Statistics
1.2K views

Listed below are the lead concentrations in ug g measured in different Ayurveda medicines Ayurveda...

Accounting
1.2K views

Assume a company produces and sells only two products-14.000 units of Product A and 6,000...

Accounting
1.2K views

3.Create a one-way data table using the values in cells B32:B43 after referencing total profit...

Accounting
1.2K views

7. What is the primary risk with including reserves or contingency allowances ? in your...

Finance
1.2K views

as many as you can 21. Which two capital budgeting decision criteria apply the...