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In the first year of operation, Cougar Corp. recorded $35,000 in net income and paid $7,000 in dividends. What is the balance of retained earnings at the end of the year after all closing entries?

Respuesta :

Ritmeks

Answer:

$28,000

Explanation:

The net income for Cougar corporation is $35,000

The dividend is $7,000

Therefore the retained savings can be calculated as follows

= $35,000-$7,000

= $28,000

Hence the retained earnings at the end of the year is $28,000

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