On 1/1/2017, the beginning of the 2017 annual accounting period, Skullduggery, Co. had a Retained Earnings...
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On 1/1/2017, the beginning of the 2017 annual accounting period, Skullduggery, Co. had a Retained Earnings balance of $11,340. For the three years of 2017, 2018 and 2019, the company reported the following information:
Year
Net Income (Loss)
Dividends
2017
$8,210
$
330
2018
($1,880)
$0
2019
$4,500
$150
What was the company's Retained Earnings as reported on the classified balance sheet as of 12/31/2019?
a. $4,350.
b. $26,410.
c. $21,690.
d. $10,350.
e. None of the answers given are correct.
Homework Answers
Calculate ending balance of retained earnings
| Beginning retained earnings | 11340 |
| Add: Net income (8210-1880+4500) | 10830 |
| Less: Dividend (330+150) | -480 |
| Retained earnings 12/31/2019 | 21690 |
So answer is c) $21690
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