At December 31, Year 1, Sea the World Cruises

 

At December 31, Year 1, Sea the World Cruises

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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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