Using the partially completed worksheet below, calculate the amount of the consolidated closing balance of retained earnings? Net profit Retained earnings - opening Dividend declared Dividend paid Retained earnings - closing $496,450 $500,200 O $506,450 $516,450 Parent Subsidiary Adjustment Adjustment Consolidated 198,000 230,000 58,000 6,000 16,000 226,000 73,000 3,000 7,500 291,500 DR 5,800 CR 3,250 3,000 7,500 400,000 ?

Using the partially completed worksheet below, calculate the amount of the consolidated closing balance of retained earnings? Net profit Retained earnings - opening Dividend declared Dividend paid Retained earnings - closing $496,450 $500,200 O $506,450 $516,450 Parent Subsidiary Adjustment Adjustment Consolidated 198,000 230,000 58,000 6,000 16,000 226,000 73,000 3,000 7,500 291,500 DR 5,800 CR 3,250 3,000 7,500 400,000 ?

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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Question

Using the partially completed worksheet below, calculate the amount of the consolidated closing
balance of retained earnings?
Net profit
Retained earnings - opening
Dividend declared
Dividend paid
Retained earnings - closing
$496,450
$500,200
O $506,450
O $516,450
Parent Subsidiary Adjustment Adjustment Consolidated
198,000
58,000
6,000
16,000
230,000
73,000
3,000
7,500
226,000 291,500
DR
5,800
CR
3,250
3,000
7,500
400,000
?

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