Homework Answers
Answer: $11,000
Calculations:
| Retained earnings, Dec 31,2010 [Ending balance] | $31,000 |
| (Less): Net income | ($36,000) |
| Add: Dividends | $16,000 |
| Retained earnings, Dec 31,2009 [Beginning balance] | $11,000 |
Hence, The ending balance in the retained earnings account at December 31,2019 was $11,000.
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