A company had a beginning balance in retained earnings of $400,000. It had net income of...

Question

Question

business accounting

Answer 1

Answer #1

Ans.	Option 3rd $395,000

	Explanations and Calculations: Dividends paid is deducted from the sum of beginning retained
	earnings and net income for the computation of ending retained earnings.

	Particulars	Amount
	Beginning balance of Retained earnings	$400,000
	Add: Net income	$50,000
	Less: Dividends paid	-$55,000
	Ending balance of Retained earnings	$395,000

Answer 2

Similar Homework Help Questions

A company had a beginning balance in retained earnings of $44,300. It had net income of...

A company had a beginning balance in retained earnings of $44,300. It had net income of $7,300 and paid out cash dividends of $5,950 in the current period. The ending balance in retained earnings equals: Multiple Choice $45,650. $13,250. $42,950. $57,550. $5,950.
A company had a beginning balance in retained earnings of $43,600. It had net income of...

A company had a beginning balance in retained earnings of $43,600. It had net income of $6,600 and paid out cash dividends of $5,775 in the current period. The ending balance in retained earnings equals:
A company had a beginning balance in retained earnings of $430,000. It had net income of...

A company had a beginning balance in retained earnings of $430,000. It had net income of $60,000 and paid out cash dividends of $56,250 in the current period. The ending balance in retained earnings equals: $426,250. $433,750. $490,000. $546,250 $116,250

The balance in retained earnings prior to the closing process equals: Multiple Choice the balance at...

The balance in retained earnings prior to the closing process equals: Multiple Choice the balance at the end of the previous accounting period. beginning retained earnings plus the current period's net income. beginning retained earnings plus the current period's net income minus the current period's dividends declared. the cash balance on the balance sheet.
The Retained Earnings balance was $64120 on January 1. Net income for the year was $50,680....

The Retained Earnings balance was $64120 on January 1. Net income for the year was $50,680. If Retained Earnings had a credit balance of $66,640 after closing entries were made for the year, and if additional stock of $14.560 was issued during the year, what was the amount of dividends declared during the year? Multiple Choice Ο 536,400 Ο 566.360 Ο $48.100 Ο Mapleleaf Industries declared a $0.75 per share cash dividend. The company has 120,000 shares authorized, 49,000 shares...
The Brandon Company had an ending balance in retained earnings of $100,000. During the year it...

The Brandon Company had an ending balance in retained earnings of $100,000. During the year it paid dividends of $25,000 and had net income of $75,000. It also had other comprehensive income (foreign currency gain) of $10,000. What was beginning retained earnings? $50,000 O $150,000 $40,000 $ 140,000

Ridge Crest Co. has beginning Retained Earnings of $25,000, ending Retained Earnings of $33,800, and net...

Ridge Crest Co. has beginning Retained Earnings of $25,000, ending Retained Earnings of $33,800, and net income of $16.500. What was the amount of dividends declared during the year? Multiple Choice O $8.800 $7,700 O $8.500 O $16,500 Which account below is a permanent account? Multiple Choice Service Revenue Deferred Revenue Dividends Depreciation Expense
HUD, Co. had a beginning retained earnings of $28,655. For the year, the company had net...

HUD, Co. had a beginning retained earnings of $28,655. For the year, the company had net income of $5,490 and paid dividends of $1,980. The company also issued $3,580 in new stock during the year. What is the ending retained earnings balance?
A. On January 1, Katie Inc.had Retained Earnings of $650,000. During the year, Katie Inc. had...

A. On January 1, Katie Inc.had Retained Earnings of $650,000. During the year, Katie Inc. had the following selected transactions: declared cash dividends of $100,000; corrected overstatement of prior year net income because of depreciation error of $50,000; earned net income of $400,000; and declared stock dividends of $50,000. The ending balance for Retained Earnings is............ B. Katie Inc. reported net income of $171,000 for the current year and paid dividends of $26,000 on common stock. It also has 10,000...

Petro Inc. had a beginning balance in retained earnings on January 1, 2018 of $44,300. The...

Petro Inc. had a beginning balance in retained earnings on January 1, 2018 of $44,300. The Company's Cash balance orn January 1, 2018 was $41,000 and had decreased to a Cash balance on Dec ember 31, 2018 of $14,500. Petro's net income for 2018 was $7.300 and the Company paid out cash dividends of $5,950 during 2018. What should be Petro Iinc's Retained Earnings ending balance on December 31, 2018? Mutiple Choice 42.950 $57,550 $13.250 C Prev 22 o 34...