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The following information pertains to ABC Company. Estimated netincome for 2019 = $500 Beginning retained...

The following information pertains to ABC Company. Estimated net income for 2019 = $500 Beginning retained earnings, January 1, 2019 = $2,100 Estimated distributions to owners during 2019 = $300 What is the company's ending balance in retained earnings at the end of the year, December 31, 2019?

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Expert Solution

Ending balance retained earning=Beginning retained earning+net income 2019-Distributions to owners in 2019

=2100+500-300

Ending balance retained earning=$2300

jeff jeffy answered 3 years ago
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