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At the beginning of 2021, assume Costco had $22,000 assets and $10,850 of liabilities. Assume Costco only has two equity accounts, common stock and retained
At the beginning of 2021, assume Costco had $22,000 assets and $10,850 of liabilities. Assume Costco only has two equity accounts, common stock and retained earnings. The beginning balance in 2021 in its common stock account was $5,000. During 2021, Costco declared $400 of dividends and had $1,700 of net income. What is Costco's ending retained earnings for 2021?
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Fundamental financial accounting concepts
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
8th edition
978-007802536, 9780077648831, 0078025362, 77648838, 978-0078025365
