# I need to find the Dec 31 Retained Earnings balance. This is the information the workbook gives. 1) Revenue for 2008 is $8000 2) Dividends declared in 2008 is$1000 3) Expenses for 2008 is $3000 4) January 1 Retained Earnings balance is$5000.Please tell me the 12/31 Retained Earnings balance and how you came to that solution. Thanks!

Question

I need to find the Dec 31 Retained Earnings balance. This is the information the workbook gives. 1) Revenue for 2008 is $8000 2) Dividends declared in 2008 is$1000 3) Expenses for 2008 is $3000 4) January 1 Retained Earnings balance is$5000.

Please tell me the 12/31 Retained Earnings balance and how you came to that solution. Thanks!

Step 1

The net income for the year shall be computed as a first step by deducting the total expenses from the total revenues for the year.

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