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Retained earnings, December 31, 2019 Cost of buildings purchased during 2020 Net income for the year ended December 31, 2020 Dividends declared and paid in 2020 Increase in cash balance from January 1, 2020, to December 31, 2020 Increase in long-term debt in 2020 $ 348,600 42,700 55,300 32,600 23,500 45,300 Required: From the above data, calculate the Retained Earnings balance as of December 31, 2020: Retained earnings

Respuesta :

Answer:

$371,300

Explanation:

The computation of the ending retained earning balance is shown below:

The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid

= $348,600 + $55,300 - $32,600

= $371,300

For calculating the ending balance of retained earning we added the net income and deducted the dividend paid to the beginning balance of retained earnings

kemorrah15566

Answer: hi

Explanation:

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