At December 31, Year 1, Sea the World Cruises
At December 31, Year 1, Sea the World Cruises, Inc.’s assets were $60,000 and liabilities were $40,000. At December 31, Year 2, its assets are $150,000 and liabilities are $50,000. During the year, it did not issue new stock, and it declared and paid $100 dividend. Calculate net income for Year 2.
Question 10 0 out of 0.2 points
For the year ended December 31, Year 2 For the year ended December 31, Year 1
Revenues $ 5,500 $ 500
Expenses $ 1,500 $_________
Net Income $________ $_________
December 31, Year 2 December 31, Year 1
Assets $ 16,500 $ 1,000
Liabilities $_________ $ 500
Common 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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