QS 13-5 Retained earnings LO² Benson Inc. had a credit balance in Retained Earnings on December 31, 2014, of $48,000. During 2015, Benson recorded net income of $146,000 and declared and paid dividends of $47,000. During 2016, the company recorded a net loss of $15,000. No dividends were declared or paid in 2016. Calculate the balance in Retained Earnings at December 31, 2016.

QS 13-5 Retained earnings LO² Benson Inc. had a credit balance in Retained Earnings on December 31, 2014, of $48,000. During 2015, Benson recorded net income of $146,000 and declared and paid dividends of $47,000. During 2016, the company recorded a net loss of $15,000. No dividends were declared or paid in 2016. Calculate the balance in Retained Earnings at December 31, 2016.

Name: QS 13-5 Retained earnings LO²Benson Inc. had a credit balance in Reta
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Description: QS 13-5 Retained earnings LO²Benson Inc. had a credit balance in RetainedEarnings on December 31, 2014, of $48,000. During2015, Benson recorded net income of $146,000 anddeclared and paid dividends of $47,000. During2016, the company recorded a net

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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