At the beginning of 2024, Luna Corp had retained earnings of $120,000. During the year, it reported a net income of $45,000 and declared dividends of $10,000. What is the ending retained earnings for the year?

At the beginning of 2024, Luna Corp had retained earnings of $120,000. During the year, it reported a net income of $45,000 and declared dividends of $10,000. What is the ending retained earnings for the year?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 3MC: Prince Corporations accounts provided the following information at December 31, 2019: What should be...

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General accounting

At the beginning of 2024, Luna Corp had retained earnings of $120,000. During
the year, it reported a net income of $45,000 and declared dividends of
$10,000. What is the ending retained earnings for the year?

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