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11 December, 08:55

Mijka Company was started on January 1, 2018. During 2018, the company experienced the following three accounting events: (1) earned cash revenues of $28,900, (2) paid cash expenses of $13,300, and (3) paid a $1,600 cash dividend to its stockholders. These were the only events that affected the company during 2018.

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  1. 11 December, 09:01
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    net income 15,600

    ending retained earnings. 14,000

    Explanation:

    retained earnings for the end of the year:

    first, we solve for the net income, which is the difference between our revenues and expenses.

    net income

    28,900 revenue

    (13,300) expenses

    15,600 net income

    (1,600) cash dividends

    14,000 ending retained earnings.

    Then, we subtract the cash dividends to get the amount of ending retained earnings.
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