Homework Answers
The retained earnings is the amount which the company retains out of its profit or surplus in order to use it for several contingencies.
Net income earned is added to the balance of retained earnings as it increases the total balance and the payment of dividend reduces the balance of retained earnings.
Here the opening retained earnings = $ 30,000 Net income =.$ 31,000 and Dividend paid = $ 18000
Thus Ending retained earnings = Opening retained earnings + Net income - Dividend.
Ending retained earnings = $ 30,000 + $ 31,000 - $ 18,000.
Ending retained earnings as on December 31= $ 43,000
Thus, Ending Retained earning = $ 43,000
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