STATEMENT OF RETAINED EARNINGS At the end of 2008, Sherwood Company had retained earnings of $21,240. During

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STATEMENT OF RETAINED EARNINGS At the end of 2008, Sherwood Company had retained earnings of $21,240. During 2009, Sherwood had revenues of $831,400 and expenses of $792,100, and paid cash dividends in the amount of $31,500.

Required:

Determine the amount of Sherwood’s retained earnings at December 31, 2009.

Comment on Sherwood’s dividend policy.

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Cornerstones Of Financial Accounting Current Trends Update

ISBN: 9781111527952

1st Edition

Authors: Jay Rich , Jeff Jones, Maryanne Mowen , Don Hansen

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