# PARRISH 5-8 STATEMENT OF RETAINED EARNINGS MISSING AMOUNTPlease tell me what the missing amounts are in the following 2 questions and show me how you arrived at that answer.1) Statement of Retained EarningsRetained Earnings 1/1/28 \$938,123Net Income 43,000Subtotal \$1,026,123Dividends 50,000Retained Earnings 12/31/28 UNKNOWN2) Statement of Retained EarningsRetained Earnings 1/1/29 \$575,603Net Loss UNKOWNSubtotal \$498,667Dividends 10,000Retained Earnings 12/31/29

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PARRISH 5-8 STATEMENT OF RETAINED EARNINGS MISSING AMOUNT

Please tell me what the missing amounts are in the following 2 questions and show me how you arrived at that answer.

1) Statement of Retained Earnings

Retained Earnings 1/1/28 \$938,123

Net Income 43,000

Subtotal \$1,026,123

Dividends 50,000

Retained Earnings 12/31/28 UNKNOWN

2) Statement of Retained Earnings

Retained Earnings 1/1/29 \$575,603

Net Loss UNKOWN

Subtotal \$498,667

Dividends 10,000

Retained Earnings 12/31/29

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Step 1

1)

The missing amount is calculated as follows:

Resulting values are as follows:

Note: As per the subtotal it was assumed that the amount of beginning retained earnings is \$983,123 not \$938,123 (given). If the beginning retained earnings are \$938,123 then the unknown amount would be \$931,123 (938,123+43000-50000).

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