Given the following current year information, calculate Adair Corporations retained earnings balance on December 31. Net

Question:

Given the following current year information, calculate Adair Corporation’s retained earnings balance on December 31.
• Net income, $95,400
• dividends declared, $32,000
• Retained earnings, January 1, $122,250
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...