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Quartz Instruments had Retained Earnings of $133,000 at December 31, 2018. Net income for 2019 was...

Quartz Instruments had Retained Earnings of $133,000 at December 31, 2018. Net income for 2019 was $83, 000, and dividends for 2019 were $23,000. What amount of Retained Earnings should be reported at December 31, 2019?
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Answer #1
The amount of Retained Earnings should be reported on December 31, 2019 $193,000
Workings:
Retained Earnings:
Retained earnings, beginning balance $133,000
Add: Net Income $83,000
$216,000
Less: Dividends $23,000
Retained earnings, Ending balance $193,000
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