Electronic Instruments had retained earnings of $350,000 at December 31, 2017. Net income for 2018 totaled $ 215 comma 000, an

Question

3 years ago

11

d dividends declared for 2018 were $ 90 comma 000. How much retained earnings should Electronic report at December

1 answer:

Arturiano [62] · Answer 1 · 2022-02-26T05:23:11+03:00

6 0

Answer:

$475,000

Step-by-step explanation:

We are asked to find the retained earnings for Electronic report at December 2018.

$\text{Retained earnings}=\text{Beginning period retained earnings + Net income/Loss - Cash dividends}$

Substitute the given values:

$\text{Retained earnings}=\$350,000+\$215,000-\$90,000$

$\text{Retained earnings}=\$475,000$

Therefore, the retained earnings of Electronic report at December 2018 would be $475,000.

Electronic Instruments had retained earnings of $350,000 at December​ 31, 2017. Net income for 2018 totaled $ 215 comma 000​, an