The Don\'t Tread on Me Tire Company had retained earnings at December 31, 2015 o

Question

The Don't Tread on Me Tire Company had retained earnings at December 31, 2015 of $217,000. During 2016, the company had revenues of $417,000 and expenses of $358,500, and the company declared and paid dividends of $12,700. Retained earnings on the balance sheet as of December 31, 2016 will be:

$275,500.

$45,800.

$262,800.

$321,300.

The Don't Tread on Me Tire Company had retained earnings at December 31, 2015 of $217,000. During 2016, the company had revenues of $417,000 and expenses of $358,500, and the company declared and paid dividends of $12,700. Retained earnings on the balance sheet as of December 31, 2016 will be:

Explanation / Answer

Solution :

Particulars Amount Retained earnings at December 31, 2015 $217,000 Revenues during 2016 $417,000 Less : Expenses during 2016 $358,500 Less : Dividends Paid $12,700 Income during the year $45,800 Retained earnings on the balance sheet as of December 31, 2016 $262,800

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