At the beginning of the year, a company's balance sheet reported the following balances: Total Assets = $175,000; Total Liabilities = $24,750; Total Paid-in capital of $57,750; and Retained earnings = $92,500. During the year, the company reported revenues of $50,500 and expenses of $33,000. In addition, dividends for the year totaled $22,000. 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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Ответ:
$88,000
Explanation:
The computation of the ending balance of the retained earning balance is shown below:
As we know that
The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid
where,
net income is
= Revenues - expenses
= $50,500 - $33,000
= $17,500
And, the other items values would remain the same
So, the ending balance is
= $92,500 + $17,500 - $22,000
= $88,000
Ответ: