Question

In: Accounting

At the beginning of the year, a company's balance sheet reported the following balances: Total Assets...

At the beginning of the year, a company's balance sheet reported the following balances: Total Assets = $165,000; Total Liabilities = $24,300; Total Paid-in capital of $56,700; and Retained earnings = $84,000. During the year, the company reported revenues of $49,600 and expenses of $32,400. In addition, dividends for the year totaled $21,600. Assuming no other changes to Retained earnings, the balance in the Retained earnings account at the end of the year would be:

Solutions

Expert Solution

Calculation of ending balance of retained earnings :

Particulars $
Beginning Balance of Retained Earnings 84000
Add : Net income for the year 17200
Less : Dividends for the year ( 21600 )
Ending Balance of Retained Earnings 79600

Calculatiom of Net Income :

Particulars $
Total Revenue 49600
Less : Expenses ( 32400 )
Net Income for the year 17200

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