If net income is $80,000, dividend is $ 24,000, and ending RE balance is $105,000. How much is beginning RE?
Ending Retained Earnings = Beginning Retained Earnings + Net Income - Dividends
So,
Beginning Retained Earnings = Ending Retained Earnings - Net Income + Dividends
Beginning Retained Earnings = $105,000 - $80,000 + $24,000
Beginning Retained Earnings = $49,000
If net income is $80,000, dividend is $ 24,000, and ending RE balance is $105,000....
If net income is $80,000, dividend is $24,000 and ending RE balance is $105,000. how much is beginning RE. My teacher gave me the solutions the answer is $49, but how did they get that number?
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