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Unformatted text preview: Retained earnings, January 1, 2008 $75,000 Net income for the year $137,500 Less dividends 40,000 Increase in retained earnings 97,500 Retained earnings, December 31, 2008 $172,500 3. PEDIGREE TRAVEL AGENCY Balance Sheet December 31, 2008 Assets Liabilities Cash $180,000 Accounts payable Accounts receivable 42,300 Stockholders' Equity Supplies 2,700 Capital stock Retained earnings Total stockholders' equity Total assets $225,000 Total liabilities and stockholders' equity...
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