Reference no: EM132569394
Question - When preparing the financial statements of Somersby Ltd for the year ended 30 June 2019, the accountant found the following information:
Opening balance of Retained earnings $15,000
Interim cash dividend declared (August 15 2018) $2,500
Interim dividend paid (September 30 2018) $2,500
Cash received from new share issue (December 2, 2018) $10,000
Cash dividend declared (March 31) $5,000
Profit earned for the year ended 30 June 2019 $20,000
Required - Calculate the closing balance of Retained earnings for Somersby Ltd.