A company's retained earnings on December 31, 2015 to 2019 is as follows: 2015 2016 2017...
A company's retained earnings on December 31, 2015 to 2019 is as follows:
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Retained Earnings | $62,000 | $58,000 | $65,000 | $69,000 | $75,000 |
On the pro-forma income statement for 2020, the net income is projected to be $15,000. On the pro-forma income statement for 2021, the net income is projected to be $30,000. The company expects to pay dividends of $5,000 in 2021.
What is the projected retained earnings for December 31, 2021?
A. $90,000
B. $100,000
C. $115,000
D. $120,000
Homework Answers
| Retained earnings on 2019 | $ 75,000 |
| Add: Projected net income for 2020 | $ 15,000 |
| Add: Projected net income for 2021 | $ 30,000 |
| Less; Projected dividends for 2021 | $ (5,000) |
| projected retained earnings for December 31, 2021 | $ 115,000 |
Answer is C. $115,000
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$
357,510
Decrease in total liabilities during 2019
77,860
Gain on the sale of buildings during 2019
27,370
Dividends declared and paid in 2019
7,650
Proceeds from sale of common stock in 2019
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From the above data, calculate the retained earnings balance as of
December 31, 2018. (Enter decreases with a minus sign to
indicate a negative financial statement effect.)
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