Lowell Inc. reports net income for fiscal 2011 of $4,928 million, retained earni

Question

Lowell Inc. reports net income for fiscal 2011 of $4,928 million, retained earnings at the end of the year of $32,889 million, dividends during the year of $1,176 million and other transactions that increased retained earnings by $83 million.

What was the company's retained earnings balance at the start of fiscal 2011?

$29,054 million

$21,384 million

$28,888 million

$21,550 million

There is not enough information to calculate the amount.

$29,054 million

$21,384 million

$28,888 million

$21,550 million

There is not enough information to calculate the amount.

Explanation / Answer

Answer : A. 29,054 million Lowell Inc Retained Earnings a/c Dr Cr $ Million $ Million Dividend 1176 Opening Balance (plugged -in-figure) 29054 Closing Balance 32889 Current year net income 4928 Items increase Retained earnings 83 34065 34065 Opening balance =1176+32889-4928-83=29054

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