SHOW CALCULATION STEP BY STEP. Clownsminus−Rminus−Us reported the following in the statement of comprehensive income for...
SHOW CALCULATION STEP BY STEP.
Clownsminus−Rminus−Us
reported the following in the statement of comprehensive income for the year ended December 31:
|
Income from continuing operations before tax |
$ 840 comma 000$840,000 |
|
Income tax expense |
(320 comma 000320,000) |
|
Net income |
520 comma 000520,000 |
|
Other comprehensive income |
130,000 |
|
Comprehensive income |
600,000 |
During the year, the company paid
$ 102 comma 000$102,000
in dividends and purchased treasury stock with a par value of $20,000 at a cost of $95,000. If the balance of Retained Earnings at the beginning of the year was
$ 460 comma 000$460,000,
what is the balance of Retained Earnings at the end of the year?
A)980,000
B)1,100,000
C)998,000
D)878,000
Homework Answers
Balance in Ending retained earnings
| Beginning retained earnings | 460000 |
| Net income | 520000 |
| Less: Dividend | -102000 |
| Ending retained earnings | 878000 |
So answer is b) $878000
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Clownsminus−Rminus−Us
reported the following in the statement of comprehensive income
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