For the year ending December 31, 2022, Soto Inc. reports net income $170,000 and cash dividends $85,000.

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For the year ending December 31, 2022, Soto Inc. reports net income $170,000 and cash dividends $85,000. Determine the balance in retained earnings at December 31 assuming the balance in retained earnings on January 1, 2022, was $220,000.

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Financial Accounting

ISBN: 9781119594598

11th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Oct 21, 2020 08:20 AM

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For the year ending December 31, 2022, Soto Inc. reports net income $170,000 and cash dividends $85,000.

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Retained Earnings balance January 1 2022 220...View the full answer

Financial Accounting

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