What would Sheridan report as the ending balance of Retained Earnings?

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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For the year ended December 31, 2025, Sheridan Inc. reported the following:
Net income
Preferred dividends declared
Common dividends declared
Unrealized holding loss, net of tax
Retained earnings, beginning balance
Common stock
Accumulated other comprehensive income,
beginning balance (net gains)
$496000
$1121600
$1036000
$1079800
$1046200
75400
23400
10200
649000
353800
38100
What would Sheridan report as the ending balance of Retained Earnings?
Transcribed Image Text:For the year ended December 31, 2025, Sheridan Inc. reported the following: Net income Preferred dividends declared Common dividends declared Unrealized holding loss, net of tax Retained earnings, beginning balance Common stock Accumulated other comprehensive income, beginning balance (net gains) $496000 $1121600 $1036000 $1079800 $1046200 75400 23400 10200 649000 353800 38100 What would Sheridan report as the ending balance of Retained Earnings?
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