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    Retained Earnings

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    Calculate retained earnings. From the following data, calculate the retained earnings balance as of December 31, 2007.

    Retained earnings, December 31,2006....................................$311,800
    Cost of equipment purchased during 2007............................... 32,400
    Net loss for the year ended December 31, 2007....................... 4,700
    Dividends declared and paid in 2007........................................ 18,500
    Decrease in cash balance from January 1, 2007, to December 31, 2007..... 13,600
    Decrease in long-term debt in 2007...................................... 14,800.

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    The only relevant details for the calculation of retained earnings are the opening retained earnigs, net profit or ...

    Solution Summary

    The solution explains how to calculate the ending retained earnings given various details.

    $2.19

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