Shit Ctri 40. The following pre-adjusted data are available from the records of

Question

Shit Ctri 40. The following pre-adjusted data are available from the records of Jazz, Ine. 20 points $115,000 490,000 Retained earnings, January 1, 2016 Sales Interest expense General and administrative expenses Cost of goods sold Selling expenses Dividend revenue Dividends declared in 2016 Dividends paid in cash in 2016 Income tax rate Cash Merchandise Inventory on 12/31 5,000 95,000 220,000 115,000 10,000 25,000 19,250 30% 100,000 20,000 Common stock outstanding 50,000 shares at $1.00 par $50,000 200,000 Additional Paid In Capital Common stock authorized 100,000 shares 42. What is the ending 12/31 balance of Retained Earnings? Show your work below: 3 points Retained earnings, January 1, 2016 $115,000 Retained earnings, December 31, 2016

Explanation / Answer

Calculation as per given data for Ending Retained Earnings :-

Working Note :- Net Income

Particulars Amount ($) Retained Earnings, January 1, 2016 115000 Add :- Net Income (Working Note) 45500 Less :- Dividend Paid (19250) Retained Earnings, December 31, 2016 141250

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