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Webster Company has a beginning balance in Retained Earnings of $17,000. They earned a net income of $3,000 during the y...

Webster Company has a beginning balance in Retained Earnings of $17,000. They earned a net income of $3,000 during the year and paid out $6,000 in dividends. What is the ending balance in Webster Companies Retained Earnings account at the end of the year? (Answer in whole $s without the $ sign or comma, i.e. 12345.)

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Answer #1

Ending retained earnings

= Beginning retained earnings + Net income - Dividends paid

= 17,000 + 3,000 - 6,000

= 14,000

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