As on December 31, 20X1, Frankie TarX Company had contributed capital and retained earnings balances of $500,000 and $200,000 respectively. During 20X1, the company earned $150,000 net income and distributed $80,000 dividend to its shareholders. The beginning balance of retained earnings as on Jan 1, 20X1 was:
As on December 31, 20X1, Frankie TarX Company had contributed capital and retained earnings balances of $500,000 and $200,000 respectively. During 20X1, the company earned $150,000 net income and distributed $80,000 dividend to its shareholders. The beginning balance of retained earnings as on Jan 1, 20X1 was:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:As on December 31, 20X1, Frankie TarX
Company had contributed capital and
retained earnings balances of $500,000
and $200,000 respectively. During 20X1,
the company earned $150,000 net
income and distributed $80,000 dividend
to its shareholders. The beginning balance
of retained earnings as on Jan 1, 20X1
was:
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