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Columbia Construction Company earned $497,000 during the year ended June 30, 2013. After paying out $225,794...

Columbia Construction Company earned $497,000 during the year ended June 30, 2013. After paying out $225,794 in dividends, the balance went into retained earnings. If the firm's total retained earnings were $847,434, what were the retained earnings on its balance sheet on July 1, 2012?

Balance of retained earnings, July 1, 2012: $

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Expert Solution

Ending retained earnings=Beginning retained earnings+Net income-Dividends

847,434=Beginning retained earnings+497000-225794

Hence

Beginnning retained earnings=(847434+225794-497000)=$576,228.

jeff jeffy answered 2 years ago
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