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retained earnings
Using the data below, calculate the retained earnings balance as of December 31,2007
Retained earning dec 31 2008 - $245,200 net decrease in total assets during '08 - $37,400 net increase in accounts receivable in '08 - $8,600 dividends declared and paid in '08 - $33,600 proceeds from issuance of bonds during '08 - $88,400 net loss for the year ended Dec 31, 2008 - $23,000 I am not sure if I am doing this correctly. I think the answer I wrote below couldbe right and I added them altogether as we are trying to find out the balance as of 2007 would be 1 year in the past. Could you check my answer, and if I am wrong, possibly point me in the right direction? 245,200+23,000+33,600 = Retained Earnings as Dec 31 2007 Retained Earnings = 301,800 |
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