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    Calculate the retained earnings balance as of December 31, 2009

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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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    Solution Summary

    The expert calculates the retained earnings balance as of December 31, 2009.

    $2.19

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