Homework Answers
Solution to QUESTION-2
Value of Retained Earnings on June 30
Value of Retained Earnings on June 30 = Retained Earnings on June 01 + Net Income earned for the year – Dividend paid during the year
= $71,575 + $20,405 - $7,781
= $84,199
“Hence, the Value of Retained Earnings on June 30 will be $84,199”
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