Retained earnings statement

the revenues and expenses of paradise travel service for the year ended may 31, 2018, follow:

fees earned $900,000

office expense 300,000

miscellaneous expense 15,000

wages expense 450,000

prepare a retained earnings statement for the year ended may 31, 2018.

everett mccauley invested an additional $40,000 in the business in exchange for common stock, and $10,000 of dividends were paid during the year. retained earnings as of june 1, 2017, were $300,000.

When borrowers want funding to pay for different projects, they go to the loanable funds market and acquire funds through either indirect finance or direct finance. below, you are given five different scenarios. is each an example of direct finance or indirect finance?

Quantitative problem: you need $20,000 to purchase a used car. your wealthy uncle is willing to lend you the money as an amortized loan. he would like you to make annual payments for 4 years, with the first payment to be made one year from today. he requires a 8% annual return. what will be your annual loan payments? round your answer to the nearest cent. do not round intermediate calculations. $ how much of your first payment will be applied to interest and to principal repayment? round your answer to the nearest cent. do not round intermediate calculations. interest: $ principal repayment

After the 2008 recession, the amount of reserves in the us banking system increased. because of federal reserve actions, required reserves increased from $44 billion to $60 billion. however, banks started holding more reserves than required. by january 2009, banks were holding $900 billion in excess reserves. the federal reserve started paying interest on the excess reserves that the banks held. what possible impact will these unused reserves have on the economy?