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Athena Company is preparing a statement of stockholders' equity for 2023. On December 31, 2023, Athena's retained earnings balance was $162,000. During the year,
Athena Company is preparing a statement of stockholders' equity for 2023. On December 31, 2023, Athena's retained earnings balance was $162,000. During the year, Athena earned $71,000 of net income and declared dividends of $11,000. Additionally, during the year Athena received $16,000 as an additional investment from its owners. What was the balance in Athena's retained earnings on January 1, 2023?
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Principles of Accounting
Authors: Belverd Needles, Marian Powers, Susan Crosson
10th edition
618736611, 978-1111809508, 111180950X, 978-0618736614
