I need to find: A) the ending balance in Retained Earnings as of Dec 31, Year...
I need to find:
A) the ending balance in Retained Earnings as of Dec 31, Year 4
B) The beginning balance in Retained Earnings as of Jan 1st, Year 4
Current Assets $900,000
Current Liabilities $400,000
Fixed Assets, Net $600,000
Investments $100,000
Long-Term Debt $500,00
Dividends Declared on Common Stock during the Year $50,000
Income Summary (income) $225,000
Retained Earnings, January 1, Year 4-?
Common Stock $150,000
Premium on Common Stock $250,000
Thank you for your help
Homework Answers
Ending balance in retained earnings = Total assets - liabilities - equity other than retained earnings
| Particulars | Amount | Amount |
| Assets: | ||
| Current assets | 900,000 | |
| Net fixed assets | 600,000 | |
| Investment | 100,000 | |
| Total assets | 1,600,000 | |
| Liabilities and equity: | ||
| Current liabilities | 400,000 | |
| Long-term debt | 500,000 | |
| Common stock | 150,000 | |
| Premium on common stock | 250,000 | |
| Total | 1,300,000 | |
| Retained earnings | 300,000 |
Ending balance Dec 31, year 4 = 300,000
Opening balance at Jan 1, year 4= Ending balance + dividends paid - income summary = 300,000 + 50,000 - 225,000 = $125,000
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