The following information has been taken from the ledger accounts of Ayayai Corporation. Total income since...
The following information has been taken from the ledger accounts of Ayayai Corporation. Total income since incorporation $348,000 Total cash dividends paid 57,000 Total value of stock dividends distributed 28,000 Gains on treasury stock transactions 16,000 Unamortized discount on bonds payable 29,000 Determine the current balance of retained earnings. Current balance of retained earnings $enter the current balance of retained earnings in dollars
Homework Answers
Solution:
Current balance of retained earnings = Total Income - Total Cash dividend - Total Stock dividends
= $348000 - $57000 - $28000
= $263,000
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