Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 2 - A Further Look at Financial Statements - Problems - Set A - Page 82: P2-2A

Answer

Net Income = 25,700 | Retained earnings (Closing Balance) = 44,700 Balance Sheet Total = 79,000

Work Step by Step

(1) Retained earnings closing balance = Retained earnings (opening) 31,000 + profit for the year (as per income statement) 25,700 less dividends paid (12,000) = 44,700 retained earnings carried forward
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