On January 1, 2010 Miller Corporation had retained earnings of $7,200,000. Durin

Question

On January 1, 2010 Miller Corporation had retained earnings of $7,200,000. During 2010, Miller reported net income of $1,310,000, declared dividends of $310,000, and issued stock for $1,020,000. What were Miller's retained earnings on December 31, 2010?

On January 1, 2010 Miller Corporation had retained earnings of $7,200,000. During 2010, Miller reported net income of $1,310,000, declared dividends of $310,000, and issued stock for $1,020,000. What were Miller's retained earnings on December 31, 2010?

Explanation / Answer

retained earnings =Last years retained earnings+ net income - dividend =7,200,000+ $1,310,000- $310,000 =$8,200,000

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