Reference no: EM132761976
Problem - Following is selected data for Fern Inc. for the year ended June 30, 2000:
Annual revenues were $72,500.
Expenses for the year were $43,300.
Fern declared and paid dividends for the year in the amount of $10,700.
Total assets at the end of the year amounted to $207,000.
At year end, total stockholders' equity was $113,000.
Common stock at the end of the year was $3,000.
Additional paid-in-capital at the end of the year was $90,000.
There was no treasury stock or preferred stock in the year.
Required - Calculate the beginning retained earnings balance.
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