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