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Calculate the december ending balance of retained earnings

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Reference no: EM132506162

Calculation of Ending Retained Earnings

  • The records of Biloxi Corp. for calendar 2017 reflected the following correct pre-tax amounts: gain from discontinued operations, $50,000; cash dividends declared and paid, $45,000; retained earnings, January 1, 2017, $275,000, correction of accounting error, $35,000 debit; income before income taxes and before discontinued operations, $165,000. The average income tax rate of 40 % applies to all items except the dividends.

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Question 1: Calculate the December 31, 2017 ending balance of retained earnings

Reference no: EM132506162

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