Question

On May 1, Marcus Corporation's retained earnings account had a credit balance of $282,000. During the month, Marcus generated revenues of $40,000, incurred expenses of $24,000. At the end of the month, it also purchased equipment for $10,000 in exchange for a $10,000 note and it paid dividends of $4,000. What is the balance in retained earnings at the end of May?

Answer 1

What is the balance in retained earnings at the end of May? $294000

Step-by-step explanation:

may-01 Retaining earning 282000

Income 16000

Dividens Paid -4000

may-30 Retaining earning 294000

Revenue 40000

Expenses24000

Income 16000