Retained Earnings Computations During 2009, Edgemont Corporation had revenues of $230,000 and expenses, including income taxes, of

Question:

Retained Earnings Computations During 2009, Edgemont Corporation had revenues of $230,000 and expenses, including income taxes, of $190,000. On December 31, 2008, Edgemont had assets of $350,000, liabilities of $80,000, and capital stock of $210,000. Edgemont paid a cash dividend of

$25,000 in 2009. No additional stock was issued. Compute the retained earnings on December 31, 2008, and 2009.

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