Tsuki
Jul 11, 2010, 07:42 AM
Beginning Retained Earnings $217,000
Plus: Net Income ?
Less: Dividends 56,000
Ending Retained Earnings $231,000
$217,000+X-$56,000=$231,000
-217,000 +56,000 -161,000
X=$70,000
So 'X' or Net Income= $70,000
Plus: Net Income ?
Less: Dividends 56,000
Ending Retained Earnings $231,000
$217,000+X-$56,000=$231,000
-217,000 +56,000 -161,000
X=$70,000
So 'X' or Net Income= $70,000