View Help Tell me what you want to do Cut Copy Format Painter B 1 u.:B+IO-A-s Li

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View Help Tell me what you want to do Cut Copy Format Painter B 1 u.:B+IO-A-s Liberation San-112-1a"a" 9- Pwrap Text E Merge & Center. S. % , Formatting - Table | Number ral URITY WARNING Automatic update of links has been disabledEnable Content A B 3.29 Eau Claire Paper Mill Inc., had, at the beginning of the fiscal year, April 1, 20 retained earnings of $323,325. During the year ended March 31, 2014, the company produced net income after taxes of $713,445 and paid out 45 percent of its net income as dividends. Construct a statement of retained earnings and compute the year-end balance of retained earnings

Explanation / Answer

Earnings on April 1, 2013 are- $323, 325

Earnings during 2013-2014 are - $713,445

Dividends paid from the current earnings are- 45%

Dividend payment= $713,445 (45%)= $321,050

Retained earnings in this year= $392,395

the year end balances of retained earnings are= $392,395+$323,325= $715,720

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