A company has total revenues of $500,000 and expenses of $350,000 for the year. The company also had a beginning balance of retained earnings of $150,000 and a net income of $150,000 for the year. What is the ending balance of retained earnings?

A company has total revenues of $500,000 and expenses of $350,000 for the year. The company also had a beginning balance of retained earnings of $150,000 and a net income of $150,000 for the year. What is the ending balance of retained earnings?

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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Please explain the solution to this general accounting problem using the correct accounting principles.

A company has total revenues of $500,000 and expenses of $350,000
for the year. The company also had a beginning balance of retained
earnings of $150,000 and a net income of $150,000 for the year.
What is the ending balance of retained earnings?

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