In its first five years of operations, Monster Hats reports the following net income and dividends (the first year is a net loss). Required: Calculate the balance of Retained Earnings at the end of each year. Note: Negative amounts should be indicated with a minus sign. Year 1 2 3 4 st LO 5 Net Income (Loss) for the Year $ Dividends for the Year (44,000) $ 59,000 93,000 130,000 155,000 0 0 23,000 23,000 36,000 Ending Retained Earnings

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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In its first five years of operations, Monster Hats reports the following net income and
dividends (the first year is a net loss).
Required:
Calculate the balance of Retained Earnings at the end of each year.
Note: Negative amounts should be indicated with a minus sign.
Year
1
2
3
4
5
Net Income
(Loss) for the
Year
$
Dividends for
the Year
(44,000) $
59,000
93,000
130,000
155,000
0
0
23,000
23,000
36,000
€
Ending
Retained
Earnings
95
H
Transcribed Image Text:In its first five years of operations, Monster Hats reports the following net income and dividends (the first year is a net loss). Required: Calculate the balance of Retained Earnings at the end of each year. Note: Negative amounts should be indicated with a minus sign. Year 1 2 3 4 5 Net Income (Loss) for the Year $ Dividends for the Year (44,000) $ 59,000 93,000 130,000 155,000 0 0 23,000 23,000 36,000 € Ending Retained Earnings 95 H
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