Using the information provided in BE4- 7, assume that Jones Journals is now in its second year

Question:

Using the information provided in BE4- 7, assume that Jones Journals is now in its second year of operations. In the second year, Jones incurred a net loss of $ 124,000 and paid out no dividends. What is the retained earnings balance as of December 31 of Year 2?
In BE4-7
Its first year of operations, Jones Journals, Inc. recorded net income in the amount of $ 470,000. Jones Journals also declared and paid a $ 25,000 at year- end on December 31. What is the balance in Jones’ retained earnings account after it records the Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...