From the following data, calculate the Retained Earnings balance as of December 31, 2020: Retained earnings, December
Question:
From the following data, calculate the Retained Earnings balance as of December 31, 2020:
Retained earnings, December 31, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $692,800
Cost of buildings purchased during 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,600
Net income for the year ended December 31, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113,800
Dividends declared and paid in 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..... . . . . . . . . 65,000
Increase in cash balance from January 1, 2020, to December 31, 2020 . . . . . ...... . . . . . . . . . . 46,000
Increase in long-term debt in 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89,200
Step by Step Answer:
Accounting What the Numbers Mean
ISBN: 978-1260565492
12th edition
Authors: David Marshall, Wayne McManus, Daniel Viele