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30 December, 21:57

Assume that ABC had a retained earnings balance of $10,000 on April 1, and that the company had the following transactions during April. Issued common stock for cash, $5,000. Provided services to customers on account, $2,000. Provided services to customers in exchange for cash, $900. Purchased equipment and paid cash, $4,300. Paid April rent, $800. Paid employees' salaries for April, $700. What was ABC's retained earnings balance at the end of April

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  1. 30 December, 22:22
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    ABC's retained earnings balance at the end of April is $11,400

    Explanation:

    The addition to retained earnings in the current month is revenue derived from providing services to customers minus the expenses such as rent and employee salaries

    Net income for the month=$2,000+$900-$800-$700=$1400

    Retained earnings at month end=opening retained earnings+net income

    Retained earnings at month end=$10,000+$1,400=$11,400
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