Retained earnings, December 31, 2018 Cost of equipment purchased during 2019 Net loss for the year ended December 31, 2019 Dividends declared and paid in 2019 Decrease in cash balance from January 1, 2019 to December 31, 2019 Decrease in long-term debt in 2019 $314,900 39,000 4,000 16,000 12,400 16,900 Required: From the above data, calculate the retained earnings balance as of December 31, 2019. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Answer is not complete. Statement of Stockholders' Equity (Partial) For Year Ended December 31, 2019 Retained earnings, December 31, 2018 Add: Net income Less: Dividends 16,900 |(16,000) Retained earnings, December 31, 2019 314,900

Retained earnings, December 31, 2018 Cost of equipment purchased during 2019 Net loss for the year ended December 31, 2019 Dividends declared and paid in 2019 Decrease in cash balance from January 1, 2019 to December 31, 2019 Decrease in long-term debt in 2019 $314,900 39,000 4,000 16,000 12,400 16,900 Required: From the above data, calculate the retained earnings balance as of December 31, 2019. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Answer is not complete. Statement of Stockholders' Equity (Partial) For Year Ended December 31, 2019 Retained earnings, December 31, 2018 Add: Net income Less: Dividends 16,900 |(16,000) Retained earnings, December 31, 2019 314,900

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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