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Cornerstones of Financial Accounti...
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Cornerstones of Financial Accounti...
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?
- $400,000
- $440,000
- $460,000
- $540,000
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.
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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