Warren Enterprises began operations during Year 1. The company had the following events during Year 1:
• The business issued $35,000 of common stock to its stockholders.
• The business purchased land for $27,000 cash.
• Services were provided to customers for $31,000 cash.
• Services were provided to customers for $20,000 on account.
• The company borrowed $31,000 from the bank.
• Operating expenses of $27,000 were incurred and paid in cash.
• Salary expense of $2,300 was accrued.
• A dividend of $19,000 was paid to the stockholders of Warren Enterprises.
After closing, what is the balance of the Retained Earnings account as of December 31, Year 1?
On September 1, Year 1 , Gomez Company collected $24,000 in advance from a customer for services to be provided over a one-year period beginning on that date, How much revenue would Gomez Company report related to this contract-on its income statement for the year ended December 31 . Year 1 ? How much would the company report as net cash flows from operating activities for Year 1 ? Multiple Choice a $8,000−$24,000 b $24,000,$24,000 c $0:524,000 d $8,000,$8,000