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Yanka [14]
3 years ago
12

A corporation has a $500,000 beginning balance in retained earnings. its net income for the year was $200,000. sales revenue amo

unted to $1,000,000, and dividends declared and paid by year-end amounted to $100,000. what was the ending balance in retained earnings?
Business
1 answer:
natta225 [31]3 years ago
6 0
Given:
<span>$500,000 beg. balance in retained earnings.
</span>$200,000 <span>net income for the year
</span>$1,000,000 <span>sales revenue
</span>$100,000 <span>dividends declared and paid by year-end

Retained earning is the amount left from net income after dividends have been paid. In the given data, sales revenue is not included in the Retained earnings report. It is reflected in the Income statement which generates the Net income. 

Retained Earnings, beg. balance            500,000
Add: Net Income for the year               <u>   200,000</u>
Total                                                                           700,000
Less: Dividends declared and paid this year          <u>   (100,000)</u>
Retained Earnings, end balance                             600,000

</span>
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Explanation:

The correct amounts are shown below:

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The question is incomplete:

A consumer values a car at $30,000 and a producer values the same car at $20,000. If the transaction is completed at $24,000, what level of sales tax will result in unconsummated transaction?

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