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vazorg [7]
3 years ago
8

Exercise 14-08 On January 1, 2020, Sandhill Corporation had retained earnings of $539,000. During the year, Sandhill had the fol

lowing selected transactions. 1. Declared cash dividends $119,000. 2. Corrected overstatement of 2019 net income because of inventory error $39,500. 3. Earned net income $344,500. 4. Declared stock dividends $59,500. Determine the retained earnings balance at the end of the year.
Business
1 answer:
Lina20 [59]3 years ago
6 0

Answer:

$665,500

Explanation:

The computation of ending retained earning balance is shown below:

The ending retained earnings balance = Opening retained earning balance - cash dividend declared - overstatement of inventory error + net income - stock dividend declared

= $539,000 - $119,000 - $39,500 + $344,500 - $59,500

= $665,500

We simply added the net income and the rest of the items are deducted to find out the ending retained earning balance

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Answer:

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     retained earnings      550 credit

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Explanation:

To complete the closing entries we should determinate the balance of the Income Summary account and then, transfer into Retained Earnings.

 Income Summary

<u>   Debit        Credit   </u>

2,450

<u>                    3,000    </u>

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We will debit income summary so his blanace ends in zero and credit retained earnings so net income is accumualted and added into equity to represent it in the balance sheet.

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