Review exercise—calculate retained earnings From the following data, calculate the Retained Earnings balance as of December 31, 2011:
Retained earnings, December 31, 2010 | $346,400 |
Cost of buildings purchased during 2011 | 41,800 |
Net income for the year ended December 31, 2011 | 56,900 |
Dividends declared and paid in 2011 | 32,500 |
Increase in cash balance from January 1, 2011, to December 31, 2011 |
23,000 |
Increase in long-term debt in 2011 | 44,600 |
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