Question
For the past five years, Mookie Consulting Services reported the following annual net income and dividend amounts: Year Net Income Dividends 1 $ 22,000 $
For the past five years, Mookie Consulting Services reported the following annual net income and dividend amounts:
| Year | Net Income | Dividends |
|---|---|---|
| 1 | $ 22,000 | $ 2,000 |
| 2 | 17,000 | 2,000 |
| 3 | 9,000 | 1,000 |
| 4 | 14,000 | 3,000 |
| 5 | 25,000 | 4,000 |
If Mookie had Retained Earnings of $88,000 at the end of year 5, what was the company's Retained Earnings at the beginning of Year 1?
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The Classification And Coding Of Accounting Information
Authors: R. Fox
2nd Edition
0948036885, 978-0948036880
