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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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RVR Enterprises shows net income of $1 00,000 for 2019 and retained earnings of $500,000 on its December 31, 2019 balance sheet. During the year, RVR declared and paid $60,000 in dividends. What was RVR’s retained earnings balance at December 31, 2018?

  1. $400,000
  2. $440,000
  3. $460,000
  4. $540,000

To determine

Concept introduction:

Cash dividend:

The Cash dividend is the amount of dividend paid to shareholders in cash. The Cash dividend is declared first and paid later. There are two journal entries made, one at the time of declaration of dividend and another at the time of payment.

To calculate:

The retained earnings balance at Dec. 31, 2018.

Explanation

The retained earnings balance at Dec. 31, 2018 is calculated as follows:

Retained earnings balance at Dec. 31, 2019 = $500,000

Less: Net inco...

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