A company began the year with retained earnings of 14000 Net

A company began the year with retained earnings of $14,000. Net income for the year was $10,250, it repaid $4,500 of its line of credit balance, and it paid dividends to its shareholders of $11,000. What was the company’s retained earnings at the end of the year? (Show calculation)

Solution

retained earnings at the end of the year             13,250.00 Dear Student Thank you for using Chegg Please find below the answer Statementshowing Computations Paticulars Amount Beginning retained earnings               14,000.00 Add Net income             10,250.00 Less Dividend Paid          (11,000.00) Ending retained earnings               13,250.00