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Snowcap, Inc. reports a beginning Retained earnings balance of $20,000. During the year, new shares of...

Snowcap, Inc. reports a beginning Retained earnings balance of $20,000.

During the year, new shares of common stock were issued for $12,000 and dividends of $4,000 were declared.

Snowcap recorded revenue of $42,000 and expenses of $19,000.

Additionally, Snowcap purchased land for $26,000.

What is Snowcap's final balance of Retained earnings?

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Answer #1
Snowcap's final balance of Retained earnings
Retained Earnings at the Beginning                20,000
Add: Net Income for the year ($42,000 - $19,000)                23,000
Sud-total                43,000
Les: Dividend declared during the year                (4,000)
Retained Earnings at the Ending                39,000
Hence, Snowcap's final balance of Retained earnings will be $39,000
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