On December 31, Fighting Okra Cooking Services reports the following revenues and expenses.
| |
|
|
| Service revenue |
$ |
88,000 |
| Postage expense |
|
2,150 |
| Legal fees expense |
|
3,050 |
| Rent expense |
|
11,900 |
| Salaries expense |
|
37,000 |
| Supplies expense |
|
21,000 |
|
|
In addition, the balance of common stock at the beginning of the year was $850,000, and the balance of retained earnings was $58,000. During the year, the company issued additional shares of common stock for $38,000 and paid dividends of $36,000.