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Retained earnings: Columbia Construction Company earned 474,292 during the year ended June 30, 2017. After paying...

Retained earnings: Columbia Construction Company earned 474,292 during the year ended June 30, 2017. After paying out 238,873 in dividends, the balance went into retained earnings. If the firm’s total retained earnings were 837,418 at the end of fiscal year 2017, what were the retained earnings on its balance sheet on July 1, 2016?

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Answer #1

=Retained Earnings in 2017-Net Income+Dividends Paid
=837418-474292+238873
=601999

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