Question & Answer: Items from the 2013 income statement, statement of retained earnings, and balance sheet of Electronic Works, Inc., are…..

Items from the 2013 income statement, statement of retained earnings, and balance sheet of Electronic Works, Inc., are listed below in alphabetical order. Solve for the missing amounts. (Loss amounts should be indicated with a minus sign.) Is the company profitable? Yes No

Expert Answer

 

Retained eranings, Beginning of Year -50
Add net Income (2380+50) 2430
Less: dividend 0
Retained eranings, Ending of Year 2380
Total revenue $4,100
Less: total expenses (4100-2430) $1,670
Net Income 2430
ans 1
Net Income 2430
Total expenses $1,670
Ans 2
Yes, as the net income is $2430
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