Review exercise—calculate retained earnings From the following data, calculate the Retained Earnings balance as of December 31, 2010:
Retained earnings, December 31, 2011 | $490,400 |
Net decrease in total assets during 2011 | 74,800 |
Net increase in accounts receivable in 2011 | 17,200 |
Dividends declared and paid in 2011 | 67,200 |
Proceeds from issuance of bonds during 2011 | 176,800 |
Net loss for the year ended December 31, 2011 | 46,000 |
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