View the step-by-step solution to:

# Computing Elements of Owners' Equity From the information provided, determine: The amount of retained earnings at December 31. The amount of revenues...

Computing Elements of Owners' Equity
From the information provided, determine:
1. The amount of retained earnings at December 31.
2. The amount of revenues for the period.
Totals January 1 December 31
Current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \$ 10,000 \$ 15,000
All other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190,000 180,000
Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,000 45,000
Capital stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000 ?
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,000 ?
Expenses for the period were \$75,000.
Dividends paid were \$11,500.
Capital stock increased by \$10,000 during the period.

### Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

### -

Educational Resources
• ### -

Study Documents

Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

Browse Documents