
Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Hello tutor solve this general accounting problem

Transcribed Image Text:The following information is reported for Kinney Corporation at the
end of 2013.
Accounts Receivable $23,000
Retained Earnings
Accounts Payable $11,000
Supplies Inventory $9,000
Cash $8,000
Equipment $138,000
Common Stock $110,000
a. Compute the amount of retained earnings at the end of 2013.
b. If the amount of retained earnings at the beginning of 2013 was
$30,000, and $12,000 in cash dividends were declared and paid
during 2013, what was its net income for 2013?
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