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At the start of the year, Acme Company had liabilities of $49452 and capital stock of...

At the start of the year, Acme Company had liabilities of $49452 and capital stock of $151007. At the end of the year, retained earnings amounted to $134544. Net income for the year was $44671 45,000, and $12607 15,000 of dividends were declared and paid. Compute retained earnings at the beginning of the year.

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Answer #1
Closing Retained Earnings = beginning retained earnings + Addition(losses) during the year - dividends
Ending Retained Earnings $        134,544
Net Income for the year $          44,671
Dividend paid $          12,607
Beginning Retained earnings= $        102,480
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