Henson Company began the year with retained earnings of $380,000. During the year, the company issued...
Henson Company began the year with retained earnings of $380,000. During the year, the company issued stock for $800,000, purchased a building for $650,000, recorded revenues of $500,000, disclosed expenses of $380,000, and paid dividends of $40,000. What was Henson’s retained earnings at the end of the year?
a. $540,000
b. $460,000
c. $840,000
d. $500,000
Please explain
Homework Answers
Answer : b. $460,000.
Explanation :
Henson’s retained earnings at the end of the year = Beginning retained earnings +Revenues - Expenses - Dividend
= $380,000 + $500,000 - $380,000 - $40,000 = $460,000.
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