Retained earnings, December 31, 2016 Decrease in total liabilities during 2016 G

Question

Retained earnings, December 31, 2016 Decrease in total liabilities during 2016 Gain on the sale of buildings during 2016 Dividends declared and paid in 2016 Proceeds from sale of common stock in 2016 Net income for the year ended December 31, 2016 168,240 36,640 12,880 3,600 39,520 18,080 Required From the above data, calculate the retained earnings balance as of December 31, 2015. (Deductible amounts should be indicated by a minus sign,) Statement of Stockholders' Equity (Partial) For Year Ended December 31, 2016 Retained earnings, December 31, 2015 Retained earnings, December 31, 2016

Explanation / Answer

Retained earnings, December 31, 2015 153760 Net income for the year ended Dec 3,2015 18080 Dividends declared and paid -3600 Retained earnings, December 31, 2016 168240

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