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Corporation began 2018 with retained earnings of $ 240 million. Revenues during the year were $ 480 ​million, and expenses totaled $ 360 million. Canada declared dividends of $ 63 million. What was the​ company's ending balance of retained​ earnings? To answer this​ question, prepare Canada​'s statement of retained earnings for the year ended December​ 31, 2018​, complete with its proper heading.

Respuesta :

Answer:

Retained earnings balance for year ended 31st December,2018 is $297m.

Find details in the attached spreadsheet.

Explanation:

In order to compute the closing balance of retained earnings,the retained for the current year was first of all calculated by the formula below:

Retained earnings=Revenue-Expenses-Dividends declared.

Finally,the opening retained earnings of $240m was  added to current year retained earnings of $57m gives $297m

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