Question

Petro Inc. had a beginning balance in retained earnings on January 1, 2018 of $44,300. The Companys Cash balance orn January 1, 2018 was $41,000 and had decreased to a Cash balance on Dec ember 31, 2018 of $14,500. Petros net income for 2018 was $7.300 and the Company paid out cash dividends of $5,950 during 2018. What should be Petro Iincs Retained Earnings ending balance on December 31, 2018? Mutiple Choice 42.950 $57,550 $13.250 C Prev 22 o 34 Next> command option
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Answer #1

Beginning balance in retained earnings

44300

add net income

7300

less dividend paid during the year

5950

year end balance in retained earnings

45650

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