Harvest Company had the following activity during the year:
At the beginning of the year, the balance in Retained Earnings was $51,000. In addition, Harvest Company had assets at the end of the year of $205,000, and Common Stock of $85,000.
REQUIRED:
1. Compute the amount of the net income or loss for the year.
2. Compute the ending retained earnings balance.
3. Compute the amount of the liabilities at the end of the year.

Question

Harvest Company had the following activity during the year:
At the beginning of the year, the balance in Retained Earnings was $51,000. In addition, Harvest Company had assets at the end of the year of $205,000, and Common Stock of $85,000.
  REQUIRED:
1. Compute the amount of the net income or loss for the year.
2. Compute the ending retained earnings balance.
3. Compute the amount of the liabilities at the end of the year.

Quizplus · Accepted Answer

The Answer of Harvest Company had the following activity during the year:
At the beginning of the year, the balance in Retained Earnings was $51,000. In addition, Harvest Company had assets at the end of the year of $205,000, and Common Stock of $85,000.
  REQUIRED:
1. Compute the amount of the net income or loss for the year.
2. Compute the ending retained earnings balance.
3. Compute the amount of the liabilities at the end of the year.

Harvest Company Had the Following Activity During the Year