Financial statements for Waterway Industries are given below: $4587000 $4587000

Question

Financial statements for Waterway Industries are given below:

$4587000

$4587000

$1381000

Total assets on the balance sheet at December 31, 2018 are $6650000. Accumulated depreciation on the equipment sold was $332000.

The balance in the Retained Earnings account at December 31, 2018 was

Waterway Industries Balance Sheet January 1, 2018 Assets Equities Cash $  965000 Accounts payable $  450000 Accounts receivable 866000 Buildings and equipment 3520000 Accumulated depreciation—
buildings and equipment (1200000 ) Common stock 2720000 Patents     436000 Retained earnings     1417000

$4587000

$4587000

Explanation / Answer

Balance in retained earning at december 31,2018 = Beginning retained earnings+net income-Dividend

= 1417000+1210000-357000

Balance in retained earnings at december 31,2018 = 2270000

so answer is c) 2270000

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