Homework Answers
Solution a:
Amount of retained earnings balance at year end = Total assets - Liabilities - Common stock
= ($29,900 + $10,400 + $9,100 + $182,000) - $14,300 - $143,000 = $74,100
Solution b:
Net income for the year = Ending retained earnings + Dividend paid - Beginning retained earnings
= $74,100 + $15,600 - $39,000 = $50,700
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