Homework Answers
The right option is " a. $187,653".
Retained Earnings 20X3 opening balance = Total assets as on December 31, 20X2 - Total Liabilities as on December 31, 20X2 - Common Shares as on December 31, 20X2
As no detail regarding issue of shares during 20X3 has been given, therefore it has been assumed that the common shares outstanding at the beginning of 20X3 is same as at the end of 20X3.
Common Shares as on December 31, 20X2 = $43,117
Retained Earnings 20X3 opening balance = Total assets as on December 31, 20X2 - Total Liabilities as on December 31, 20X2 - Common Shares as on December 31, 20X2 = $435,339 - $204,569 - $43,117 = $187,653
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