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 $219,000. During 2016, the company had revenues of $419,000 and expenses of $359,500, and the company declared and paid dividends of $12,900. Retained earnings on the balance sheet as of December 31, 2016 will be:

a. $278,500.

b. $325,100.

c. $46,600.

d. $265,600.

The Don't Tread on Me Tire Company had retained earnings at December 31, 2015 of $219,000. During 2016, the company had revenues of $419,000 and expenses of $359,500, and the company declared and paid dividends of $12,900. Retained earnings on the balance sheet as of December 31, 2016 will be:

Explanation / Answer

Beginning retained earnings,December 31,2015 219000 Add:revenues 419000 Less:expenses (359500) Less:dividends (12900) Ending retained earnings,December 31,2016 $265600.

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