Business, 21.09.2021 14:00 sheram2010

Sanchez Company engaged in the following transactions during Year 1: Started the business by issuing $11,700 of common stock for cash. The company paid cash to purchase $7,200 of inventory. The company sold inventory that cost $4,600 for $9,150 cash. Operating expenses incurred and paid during the year, $4,100. Sanchez Company engaged in the following transactions during Year 2: The company paid cash to purchase $10,000 of inventory. The company sold inventory that cost $8,800 for $15,750 cash. Operating expenses incurred and paid during the year, $5,100. Note: Sanchez uses the perpetual inventory system. What is the amount of retained earnings as of December 31, Year 2? Question 8 options: $1,850. $2,300. $7,100. $11,000.

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