A company's balance of retained earnings on January 1 was $45 million. During the year, sales...
A company's balance of retained earnings on January 1 was $45 million. During the year, sales revenue was $100 million, while expenses totaled $55 million. The company declared and paid $11 million in cash dividends during the year. What was the balance of retained earnings at the end of the year?
answer is $79 million
Homework Answers
|
Statement of Retained Earnings |
|
|
($ In million) |
|
|
Retained Earnings at January 1 |
$ 45.00 |
|
Net income for the year (100-55) |
$ 45.00 |
|
Less: Dividends paid |
$ (11.00) |
|
Retained Earnings at December |
$ 79.00 |
Retained earnings at the end of the year= $77 Million
Net income is Revenue minus expenses which comes to (100-55) $ 45 Million
Dividends declared and paid are deducted from retained earnings to get ending balance of retained earnings.
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