Homework Answers
Solution:
The formula for calculating the Retained Earnings is
= Revenues – Expenses – Dividends paid
As per the information given in the question we have
Revenues = $ 240,000 ; Expenses = $ 180,000 ; Dividends paid = $ 6,000
Applying the above information in the formula we have retained earnings as
= $ 240,000 - $ 180,000 - $ 6,000
= $ 54,000
Thus the Retained earnings at the end of Cape’s first year of operations is = $ 54,000
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