Parker Company has a balance of $35,000 in retained earnings on January 1. During the year, Parker

Question:

Parker Company has a balance of $35,000 in retained earnings on January 1. During the year, Parker reported revenues of $82,000 and expenses of $55,000. Parker also paid a dividend of $8,000.

Required:

What is the amount of retained earnings on December 31?

Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...