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18 June, 08:39

Wilson Company has the following accounts and account balances at the end of its first year: Accounts payable, $4,000 Cash, $20,000 Common stock,? Dividends, $1,000 Expenses, $17,000 Notes payable, $6,000 Prepaid insurance, $2,000 Revenues, $22,000 What is the balance of its common stock account at the end of the first year?

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  1. 18 June, 09:08
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    What is the balance of its common stock account at the end of the first year?

    $24000

    Explanation:

    Common stock 20000

    Retainend earning 5000

    Dividends - 1000

    Common stock 24000

    Revenue 22000

    Expenses 17000

    Net income 5000
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