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Given the following information about a corporation's current year activities, answer the question below:   Retained Earnings, December 31 (Prior Year) $250,000   Cost of Goods Sold ... $90,000   Other Operating Expenses $54,000   Cash Dividends .......................$30,800   Period (Inventory error) $23,000   Stock dividends...................... $20,000   Net Income........................... $36,000     Compute the retained earnings for the current year:

Given the following information about a corporation's current year activities, answer the question below:   Retained Earnings, December 31 (Prior Year) $250,000   Cost of Goods Sold ... $90,000   Other Operating Expenses $54,000   Cash Dividends .......................$30,800   Period (Inventory error) $23,000   Stock dividends...................... $20,000   Net Income........................... $36,000     Compute the retained earnings for the current year:

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 15EA: Farmington Corporation began the year with a retained earnings balance of $20,000. The company paid...
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Given the following information about a corporation's current year activities, answer the question below:

 

Retained Earnings, December 31 (Prior Year) $250,000

 

Cost of Goods Sold ... $90,000

 

Other Operating Expenses $54,000

 

Cash Dividends .......................$30,800

 

Period (Inventory error) $23,000

 

Stock dividends...................... $20,000

 

Net Income........................... $36,000

 

 

Compute the retained earnings for the current year:

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