Question
Phillip Camera Store had a retained earnings balance of $40,000 on January 1, 20XX. For the year 20XX, sales were $710,000 and expenses were $200,000.
Phillip Camera Store had a retained earnings balance of $40,000 on January 1, 20XX. For the year 20XX, sales were $710,000 and expenses were $200,000. The company declared and paid cash dividends of $7,000 during the year 20XX. What was the ending retained earnings on the balance sheet for Phillip Camera Store at December 31, 20XX?
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Principles of Auditing and Other Assurance Services
Authors: Ray Whittington, Kurt Pany
20th edition
77729145, 978-1259295430, 1259295435, 978-0077729141
