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choli [55]
3 years ago
12

Grason Corporation is preparing a budgeted balance sheet for 2018. The retained earnings balance at December 31, 2017 was $533,5

00. The 2018 budgeted income statement shows expected net income of $112,000. The company expects to declare dividends during 2018 amounting to $40,000.
The expected balance in retained earnings on the 2018 budgeted balance sheet is:

A. $533,500
B. $685,500
C. $493,500
D. $605,500
E. $645,500.
Business
1 answer:
olga nikolaevna [1]3 years ago
3 0

Answer:

D. $605,500

Explanation:

The computation of the expected balance in retained earnings on the 2018 is shown below:

The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid

= $533,500 + $112,000 - $40,000

= $605,500

We simply applied the above formula so that the ending balance could arrive by considering all the items given in the question  

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