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Old 04-06-2008, 06:37 AM
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Accounting homework...need help?

At the beginning of 2006, Oslo Co.had the following account balances: Assets $10,000; Liabilities $6,000; Common stock $3,000; Retained Earnings $1,000
During 2006 the following cash events occurred:
a. provided services to customers for $8,000
b. repaid $2,000 of debt
c. owners invested an addt'l $3,000 in the business
d. incurred operating expenses of $5,000
e. dividends amounted to $1,000

What are:
Net income for 2006 = ?
Total assets at the end of 2006 = ?
Total liabilities at the end of 2006 = ?
Common stock at the end of 2006 = ?
Retained earnings at the end of 2006 = ?

I know there's a lot of accounting expert out there..Thanks!
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