QUESTION 5 For the year ended December 31, Year 2 For...
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Accounting
QUESTION 5
| For the year ended December 31, Year 2 | For the year ended December 31, Year 1 | |
| Revenues | $6,500 | $500 |
| Expenses | $1,500 | |
| Net Income |
| December 31, Year 2 | December 31, Year 1 | |
| Assets | $16,500 | $1,000 |
| Liabilities | $500 | |
| Stock | $300 | $300 |
| Retained Earnings | 1.$___ | $200 |
Assume Year 1 is the company's first year of business and there were $100 dividends in Year 1 and $100 dividends in Year 2. After determining the missing amounts ($______) in the above financial statements, calculate and type in the December 31, Year 2 Retained Earnings 1.$_________.
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