Homework Answers
| Particulars | $ |
| Opening Retained Earnings | 49,300 |
| Add: Net Income | 53,800 |
| Less: Divedend paid | -22,400 |
| Closing Balance | 80,700 |
$ 80,700 is correct.
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Oriole Company started the year with $67200 in its Common Stock account and a credit balance...
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A company started the year with $65,000 in its common stock account and a credit balance in retained earnings of $30,000. During the year, the company earned net income of $15,000 and declared and paid $5,000 of dividends. In addition, the company sold additional common stock amounting to $15,000. As a result, the amount of its retained earnings at the end of the year would be $50,000 $40,000 $120,000 O $25.000 O $105,000
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