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Wewaii [24]
3 years ago
10

Grason Corporation is preparing a budgeted balance sheet for 2015. The retained earnings balance at December 31, 2014 was $533,5

00. The 2015 budgeted income statement shows expected net income of $112,000. The company expects to declare dividends during 2015 amounting to $40,000. The expected balance in retained earnings on the 2015 budgeted balance sheet is________________.
A. $533,500.
B. $685,500.
C. $493,500.
D. $605,500.
E. $645,500.
Business
1 answer:
OlgaM077 [116]3 years ago
7 0

Answer:

D. $605,500

Explanation:

At the end of 2014, the Retained Earning balance was $533,000. This serves as our beginning balance for the year 2015.

Furthermore, Dividends are expected to be paid out, i.e. a deduction on the balance sheet.

Retained Earnings on the 2015 budgeted balance sheet = Beginning Balance + Expected Net Income - Expected Dividend

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

=$605,500

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