Calculation of Retained Earnings
Retained Earnings, January \(1,2020: \$ 5,000,000\)
Net Income for 2020: \(\$ 250,000\)
Dividends Declared in 2020: \(\$ 100,000\)
Using the above information, determine the retained earnings balance at December 31,2020 .
Select one:
a. \(\$ 5,150,000\)
b. \(\$ 5,350,000\)
Homework Answers
Retained earnings balance at December 31,2020:
opening retained earnings + Net income - Dividend declared in the year
= $50,00,000 +$2,50,000 - $100,000
=$51,50,000{i.e., Option a }
Journal entry for dividends declared
Retained earnings dr $100,000
To Dividends payable $100,000
[Being dividend declared for the year ]
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