At the beginning of the year, Entity J had a retained earnings balance of $60,000. During...
At the beginning of the year, Entity J had a retained earnings
balance of $60,000. During the year, the following occurred:
Revenues $65,000
Expenses $35,000
Cash dividends to shareholders $3,000
Purchase of land $15,000
What is ending retained earnings?
Homework Answers
| Net Income = revenue - expenses | ||||||||||
| =$65000-35000 | ||||||||||
| =$30000 | ||||||||||
| Ending retained earning =Beginning balance + net income - dividend paid | ||||||||||
| =$60000+30000-3000 | ||||||||||
| =$87000 | ||||||||||
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