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Retained earnings, December 31, 2016 Decrease in total liabilities during 2016 Gain on the sale of buildings during 2016 Dividends declared and paid in 2016 Proceeds from sale of common stock in 2016 Net income for the year ended December 31, 2016 $462,660 100,760 35,420 9,900 108,680 49,720 Required From the above data, calculate the retained earnings balance as of December 31, 2015. (Deductible amounts should be indicated by a minus sign.) Statement of Stockholders Equity (Partial) For Year Ended December 31, 2016 Retained earnings, December 31, 2015 Retained earnings, December 31, 2016Retained earnings, December 31, 2016 Decrease in total liabilities during 2016 Gain on the sale of buildings during 2016 Dividends declared and paid in 2016 Proceeds from sale of common stock in 2016 Net income for the year ended December 31, 2016 $462,660 100,760 35,420 9,900 108,680 49,720 Required: From the above data, calculate the retained earnings balance as of December 31, 2015. (Deductible amounts should be indicated by a minus sign.) Statement of Stockholders Equity (Partial) For Year Ended December 31, 2016 Retained earnings, December 31, 2015 Add: Dividends Add: Net income Add: Net loss Less: Dividends Less: Net income Less: Net loss 0

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Answer #1

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Retained Earning, Ending = RE Beginning + Net Income During period - Dividend during period.

There are two ways to Present the calculation of beginning (2015) balance: Solution: 1st) Statement of Stockholders Equity (Partial) Retained Earning, December 31, 2015(plug) Add: Net Income Less: Dividends 422840 (462660+9900-49720) 49720 9900 462660 OR: 2nd) Statement of Stockholders Equity (Partial) Retained Earning, December 31, 2016 Less: Net Income Add: Dividends Retained Earning, December 31, 2015 462660 49720 9900 422840 (plug)

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