For the year ending December 31, 2022, Swifty Inc. reports net income $144,000 and cash dividends $87,000. Determine the balance in retained earnings at December 31, assuming the balance in retained earnings on January 1, 2022, was $222,000.

$279,000

Explanation:

Particulars                                           Amount

Retained earnings  Jan. 1, 2022       $222,000

Add: Net Income                                $144,000

Sub-total                                             $366,000

Less: Dividend declared                    $87,000

Retained earnings  Jan. 31, 2022   $279,000

the Principle, PV on the mortgage was $68,086.64.

Explanation:

The Principle on the mortgage, PV is determined as follows :

FV = $124,000

N = 30 × 12 = 360

P/ yr = 12

PMT = $0

R = 2%

PV = ?

Using a Financial Calculator, the Principle, PV on the mortgage was $68,086.6399 or $68,086.64.