AreaYou have been hired as an accounting intern for Buckeye Insulation and Acoustics. You have been asked to prepare the statement of retained earnings based on the following data: Cash dividends $ 50,000 Expenses 363,800 Revenues 635, 200 Retained earnings appropriated, January 1 150,000 Stock dividends 125, 300 Unappropriated retained earnings, January 1 460, 975 How much will you report for ending retained earnings? a. $557,075 b. $407,075 c. $832,375 d. $707,075

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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AreaYou have been hired as an accounting
intern for Buckeye Insulation and Acoustics.
You have been asked to prepare the
statement of retained earnings based on the
following data:
Cash dividends $ 50,000
Expenses 363,800
Revenues 635, 200
Retained earnings appropriated, January
1 150,000
Stock dividends 125, 300
Unappropriated retained earnings, January
1 460, 975
How much will you report for ending
retained earnings?
a. $557,075
b. $407,075
c. $832,375
d. $707,075
Transcribed Image Text:AreaYou have been hired as an accounting intern for Buckeye Insulation and Acoustics. You have been asked to prepare the statement of retained earnings based on the following data: Cash dividends $ 50,000 Expenses 363,800 Revenues 635, 200 Retained earnings appropriated, January 1 150,000 Stock dividends 125, 300 Unappropriated retained earnings, January 1 460, 975 How much will you report for ending retained earnings? a. $557,075 b. $407,075 c. $832,375 d. $707,075
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