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Anderson Corporation had a credit balance of $43,000 in its Retained Earnings account on December 31,...

Anderson Corporation had a credit balance of $43,000 in its Retained Earnings account on December 31, 2018. Net income of $6,000 was reported on its income statement for the year ended December 31, 2019. Dividends in the amount of $5,625 were declared on December 31, 2018; the dividends are payable to the company's stockholders on February 1, 2019. The balance in its Retained Earnings account on December 31, 2019 equals _____.

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Answer #1

Ending retained earnings = Beginning retained earnings + Net income - Dividend declared

                                     = $ 43,000 + $ 6,000 - $ 5,625

                                     = $ 49,000 - $ 5,625 = $ 43,375

The balance in Anderson’s Retained Earnings account on December 31, 2019 is $ 43,375.

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