As on December 31, 20X1, Frankie TarX Company had contributed capital and retained earnings balances of $500,000 and $200,000 respectively. During 20X1, the company earned $150,000 net income and distributed $80,000 dividend to its shareholders. The beginning balance of retained earnings as on Jan 1, 20X1 was:
As on December 31, 20X1, Frankie TarX Company had contributed capital and retained earnings balances of $500,000 and $200,000 respectively. During 20X1, the company earned $150,000 net income and distributed $80,000 dividend to its shareholders. The beginning balance of retained earnings as on Jan 1, 20X1 was:
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter3: Review Of A Company's Accounting System
Section: Chapter Questions
Problem 9RE: For the current year, Vidalia Company reported revenues of 250,000 and expenses of 225,000. At the...
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