accounting question 4

User Generated

xfhtenq2010

Business Finance

Description

i am stuck on the following problem. here is a pic of the problem

http://imgur.com/N3CtNmH

any help would be appreciated

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Explanation & Answer

                                                             Woodward Enterprises

Services were provided to customers on cash                                                                      $16,075

Services were provided to customers on account                                                                     6,570

Total income                                                                                                                            $22,645

Less: Operating expenses were incurred and paid in cash                                  $12,045

          Salary expense accrued                                                                                  1,025

          dividend was paid to the owner of Woodward Enterprises                              4,450      17,520

Retained earnings as of December 31, 2011                                                                           $ 5,125


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