contestada

For the year ending December 31, 2022, Swifty Inc. reports net income $144,000 and cash dividends $87,000. Determine the balance in retained earnings at December 31, assuming the balance in retained earnings on January 1, 2022, was $222,000.

Respuesta :

Tundexi

Answer:

$279,000

Explanation:

Particulars                                           Amount

Retained earnings  Jan. 1, 2022       $222,000

Add: Net Income                                $144,000

Sub-total                                             $366,000

Less: Dividend declared                    $87,000

Retained earnings  Jan. 31, 2022   $279,000

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