M Company had a retained earnings balance of $4,200 on June 30, 2010. For the fiscal year ended June 30, 2011, sales were $24,000 and expenses were $12,500. Cash dividends of $2,500 were declared and distributed on June 1, 2011. What was the amount of retained earnings on June 30, 2011

Answers

Answer 1

Answer: $13,200

Explanation:

Retained earnings = Opening retained earnings + Net income - Dividends

Net income = Sales - Expenses

= 24,000 - 12,500

= $11,500

Retained earnings on June 30, 2011 are;

= 4,200 + 11,500 - 2,500

= $13,200


Related Questions

Other Questions
concentrations1) calculate the mass of sucrose and the mass of water (in grams) that must be used to prepare 400 g of 50% by mass of sucrose solution. since a solvent is present in greater proportion than the solute in a solution, do these terms still apply at 50% by mass concentration? why?2) if a wine sample is 12.0% by volume ethanol, how many milliliters of ethanol is present in a bottle containing 500.0 mL of the wine? if other alcoholic drinks have relatively high concentration 35 to 50% (v/v) ethanol, is wine safer to drink before driving? why?3) a pancake recipe recommends a 65% (v/v) sugar syrup concentration. if you wish to prepare the recipe and you only have 50 g of sugar at home, how will you prepare the syrup? if based on the recipe, one pancake will need 5 mL of the syrup, how many pancakes should you make to use all the syrup you made?pls help >. Solve the equation for y-3x+y=3 Why did people within the Eastern Bloc have few economic freedoms?O There were few stores.O The state gave people everything.O The government controlled the economy.O There were few imports. Where is the color rock located? Select the correct answer from each drop-down menu.What skills do you need be a marketing manager?As a marketing manager, you need to havethe skills andv skills. A truck travels at 74m/s, it travels 250 m then comes to a stop. How fast was the truck accelerating? Can someone help me? Please:( The Centers for Disease Control bases its information about health on which of the following?Group of answer choicesScientific researchSubjective testimonyWhat seems likely to be trueThe latest trends in health care An artist has a total of 80 paintbrushes, 22 of them are flat brushes, usedfor blending. What percent of the artists' paintbrushes areflat brushes? Which decimal is equivalent to ?29/11Choose 1 answer:2.632.63632.632.6 Characterization refers to how the characters in a story are The elves and reindeer aregetting ready for a meeting withSanta. 15 of them have arrivedso far. If they have 40 legsbetween them, how many elvesare at the meeting and howmany reindeer are at themeeting?G A high school marching band sold gift wrap for a fundraiser. The two kinds of gift wrap were: solid color for $4 per roll, and print style for $6 per roll. The band collected $2340. If 266 print style wraps were sold, how many solid color wraps were sold? I WILL CROWN BRAINLIEST PLEASE HELP!Question 6 The rhetorical appeals only EVER appear one at a time; you can't ever combine them.true or false What is tone painting? O A use of timbre and sound symbolism OB. programmed music c. concerto movement OD. scenery of a musical piece Pleasee help(GIVING BRAINILEST) Tyra's family is spending the afternoon in Millersville. They plan to see a movie and then explore the town. The movie will cost the family $36, and parking costs $4 per hour.How long will the family be able to spend in Millersville if they want to spend less than $60 and they dont have any other expenses?Follow the steps to answer this question.1. Write an inequality that shows that Tyra's family spends less than their limit. Explain how you wrote the inequality, and define any variables used. (2 pts)Write your answer in the space below.2. Solve your inequality. Show your work. What does your solution mean? (3 pts)Write your answer in the space below. Maura had to get a $350 emergency loan at a very high interest rate to pay for dental work. The lender did not need her credit history. If she does not pay back the loan within three weeks, she will have to pay an extra $50. Raina says the loan is an example of easy-access credit while Maura says it is an example of open-end credit. Which statement about the loan is correct? Raina is correct because the loan is a line of credit. Maura is correct because the loan has an interest rate. Raina is correct because the loan has a large fee if it is not repaid on time. Maura is correct because the loan does not have an annual fee. Write the Equation of the line that has a slope of 3/4 and passes through the point (-6,8) HELP ASAP WILL MARK BRANLIST IF U ANSWER which of the following animals is an invertebrate? A . bullfrog B . salmon C . jellyfish D . bear A company had average total assets of $1,860,000, total cash flows of $1,440,000, cash flows from operations of $235,000, and cash flows from financing of $810,000. The cash flow on total assets ratio equals:_____a. 43.50%.b. 22.57%.c. 11.93%.d. 12.60%.e. 77.40%.