If the beginning balance of retained earnings is $180,000, revenue is $85,000, expenses total $35,000, and the company declares and pays a $20,000 dividend, what is the ending balance of retained earnings?
Added by Patricia F.
Step 1
Net Income = Revenue - Expenses Net Income = $85,000 - $35,000 Net Income = $50,000 Show more…
Show all steps
Your feedback will help us improve your experience
Tsungirirai Musekiwa and 55 other Principles of Accounting educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Recommended Videos
The following information appears in the records of Bock Corporation at year-end: Accounts receivable: $23,000 Retained earnings: $? Accounts payable: $11,000 Supplies: $9,000 Cash: $8,000 Equipment, net: $138,000 Common stock: $110,000 Calculate the balance in retained earnings at year-end. $Answer b. If the amount of the retained earnings at the beginning of the year was $30,000, and $12,000 in dividends is paid during the year, calculate net income for the year. $Answer
Supreeta N.
Frye, Inc., has Sales of $625,000, Costs of Goods Sold of $260,000, Depreciation Expense of $79,000, Interest Expense of $43,000, and an average tax rate of 35 percent. If the firm's beginning balance in Retained Earnings for the year was $200,000, how much is the firm's ending balance in Retained Earnings for the year?
Sanchit J.
A firm had sales revenue of $\$ 1$ million last year. It spent $\$ 600,000$ on labor, $\$ 150,000$ on capital and $\$ 200,000$ on materials. What was the firm's accounting profit?1.Accounting profit = total revenues minus explicit costs = $1,000,000 – ($600,000 + $150,000 + $200,000) = $50,000.
Recommended Textbooks
Horngren’s Cost Accounting
Cost Accounting A Managerial Emphasis
Principles of Accounting Volume 1: Financial Accounting
Transcript
Watch the video solution with this free unlock.
EMAIL
PASSWORD