contestada

First Corporation had Retained Earnings at the end of December 31, 2018 of $464,000. During 2019, the company had net income of $184,000 and declared dividends of $21,400. The amount of Retained Earnings reported on the balance sheet as of December 31, 2019 will be:

Respuesta :

Answer:

$626,600

Explanation:

The movement in the retained earnings account is as a result of the net income/loss for the year and the dividend declared in the year/ period.

Given

Opening retained earnings = $464,000

Net income =  $184,000

Dividend declared = $21,400

closing retained earnings balance = $464,000 + $184,000 -  $21,400

=$626,600

The amount of Retained Earnings reported on the balance sheet as of December 31, 2019 will be $626,600 .

Otras preguntas