For the past four years, ABC reported the following annual net income and dividend amounts: Year Net Income Dividends 1 $22,000 $2,000 2 17,000 2,000 3 9,000 1,000 4 14,000 3,000 If ABC had Retained Earnings of $88,000 at the end of year 5, At the end of Year 4, Retained Earnings was $70,000. What was the company's Retained Earnings at the beginning of Year 1? (If your number is 12,345 do not put in $ or commas, just type 12345) Numeric Response: ?????????
For the past four years, ABC reported the following annual net income and dividend amounts: Year Net Income Dividends 1 $22,000 $2,000 2 17,000 2,000 3 9,000 1,000 4 14,000 3,000 If ABC had Retained Earnings of $88,000 at the end of year 5, At the end of Year 4, Retained Earnings was $70,000. What was the company's Retained Earnings at the beginning of Year 1? (If your number is 12,345 do not put in $ or commas, just type 12345) Numeric Response: ?????????
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
For the past four years, ABC reported the following annual net income and dividend amounts:
|
Year |
Net Income |
Dividends |
|
1 |
$22,000 |
$2,000 |
|
2 |
17,000 |
2,000 |
|
3 |
9,000 |
1,000 |
|
4 |
14,000 |
3,000 |
If ABC had
At the end of Year 4, Retained Earnings was $70,000. What was the company's Retained Earnings at the beginning of Year 1? (If your number is 12,345 do not put in $ or commas, just type 12345)
Numeric Response: ?????????
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