Question
From the data given below, calculate the Retained Earnings balance of December 31, 2019. Retained earnings, December 31, 2020 $ 345,000 Increase in total liabilities
From the data given below, calculate the Retained Earnings balance of December 31, 2019.
| Retained earnings, December 31, 2020 | $ | 345,000 |
| Increase in total liabilities during 2020 |
| 99,000 |
| Gain on the sale of buildings during 2020 |
| 42,000 |
| Dividends declared and paid in 2020 |
| 27,000 |
| Proceeds from sale of common stock in 2020 |
| 96,000 |
| Net income for the year ended December 31, 2020 |
| 123,000 |
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Cost Accounting A Managerial Emphasis
Authors: Charles T. Horngren, Srikant M. Datar, George Foster
11th Edition
013099619X, 978-0130996190
