The Treasure Chest Corporation had Retained Earnings at the end of December 31,

Question

The Treasure Chest Corporation had Retained Earnings at the end of December 31, 2015 of $460,000. During 2016, the company had net income of $180,000 and declared dividends of $21,000. The amount of Retained Earnings reported on the balance sheet as of December 31, 2016 will be:

$640,000.

$619,000.

$439,000.

$661,000.

The Treasure Chest Corporation had Retained Earnings at the end of December 31, 2015 of $460,000. During 2016, the company had net income of $180,000 and declared dividends of $21,000. The amount of Retained Earnings reported on the balance sheet as of December 31, 2016 will be:

Explanation / Answer

Retained earning as on 31-12-2015 $ 4,60,000 Add: Income earned during the year 2016 $ 1,80,000 Less: Declared Dividend -$     21,000 Retained earning to be reported as on 31-12-2016 $ 6,19,000

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