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:

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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

ekkarill92 answered 1 year ago

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