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[77] Gleim #: 14.4.91 Renton Corporation had a beginning balance of unappropriated retained earnings of $200,000...

[77] Gleim #: 14.4.91 Renton Corporation had a beginning balance of unappropriated retained earnings of $200,000 and net income per the books of $250,000. During the year, it paid cash dividends of $120,000, had a loss on sale of securities of $7,000, and received a refund of the previous year’s income taxes of $12,000. What is its ending balance of unappropriated retained earnings for the year?

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Answer #1
CALCULATION OF THE ENDING BALANCE OF RETAINED EARNINGS
Opening Balance = $      2,00,000.0
Add: Net Income $      2,50,000.0
Total $      4,50,000.0
Adjustement of other extra ordinary items
Less: Cash Dividend paid $      1,20,000.0
Less: Loss on sale of Securities $            7,000.0
Add: Received a refund from income taxes $          12,000.0
Closing Retained Earning $      3,35,000.0
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