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Calculate Ending Retained Earnings

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From the data given below, calculate the Retained Earnings balance as of December 31, 2009.

Retained Earnings, December 31, 2008 $420,000

Cost of equipment purchased during 2009 125,000

Net loss for the year ended December 31, 2009 43,000

Dividends declared and paid in 2009 55,000

Decrease in cash balance from Jan.1, 2009 to Dec. 31, 2009 12,000

Decrease in long-term debt in 2009 67,000

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Response includes process to solve and some comments about the unused amounts.

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  • MSc, University of Virginia
  • PhD, Georgia State University
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