Westbrook Manufacturing has beginning retained earnings of $325,600. During the year, the company earned net income of $18,500 and paid dividends of $12,300. The company also issued $30,000 worth of new common stock. Calculate the value of the retained earnings account at the end of the year.

Westbrook Manufacturing has beginning retained earnings of $325,600. During the year, the company earned net income of $18,500 and paid dividends of $12,300. The company also issued $30,000 worth of new common stock. Calculate the value of the retained earnings account at the end of the year.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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