Answer: $30,600
Explanation:
First calculate the earnings for the year.
Revenue is given. Expenses are also given and come out of revenue. Dividends also come out of revenue as well.
Retained Earnings for the year is therefore,
Retained Earnings for the year = Revenue - Expenses - Dividends
= 62,000 - 44,900 - 2,300
Retained Earnings for the year = $14,800
This figure should be added to the retained earnings of the previous period to find the total balance.
= 14,800 + 15,800
= $30,600
$30,600 is the closing Balance on Retained Earnings after closing entries.
Answer:
The cash received by ABC company from the issuing of stock is $15,000.
Explanation:
It is given that ABC company issued 3000 shares of stock for $5 per share.
The cash received by ABC company from the issuing 3000 shares of stock is


It is also given that ABC company issued 5000 shares for land valued at $10,000. It means ABC company received land instead of cash. So, total cash received by ABC company from the issuing of stock is $15000
Therefore, the cash received by ABC company from the issuing of stock is $15,000.
There is no effect on the accounting equation.
<h3>What is accounting equation?</h3>
Accounting equation is the one which states that a company's total assets are equal to the sum of its liabilities and its shareholders' equity.
Assets = owner's equity + liability
The above means that land is not depreciated, therefore assets decrease (-land) but also increase (+cash).
The elements of accounting equation are :
- Assets
- Liabilities
- Shareholders' equity.
Learn more about account equation here: brainly.com/question/24401217
Answer:
im sorryi wish i was good at math
Explanation:
im failing math btw