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Grizzly Company had Retained Earnings at December 31, 2018 of $202,000. During 2019, the company had...

Grizzly Company had Retained Earnings at December 31, 2018 of $202,000. During 2019, the company had revenues of $402,000 and expenses of $351,000, and the company declared and paid dividends of $11,200. Retained earnings on the balance sheet as of December 31, 2019 will be:

  • $253,000.

  • $39,800.

  • $241,800.

  • $292,800.

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Answer #1

CALCULATION OF RETAINED EARNINGS AT THE END

Retained earnings at the end = Beginning period retained earnings + net income/loss - cash dividends - Stock devidend

FROM THE GIVEN INFORMATION ;

Beginning retained earnings = $ 20,2000 [ as on 31st decemer 2018 ]

Net income = Revenue - Expenses

= $40,2000 - $351,000

= $51,000

Cash devidend = $11,200

Therefore, RETAINED EARNINGS AT THE END

= $20,2000 + $51,000 - $11,200    Retained earnings at december 31st 2019 = $ 241,800

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