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Alexandra [31]
3 years ago
11

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

d dividends declared for 2018 were $ 90 comma 000. How much retained earnings should Electronic report at December
Mathematics
1 answer:
Arturiano [62]3 years ago
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.

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