What was beginning retained earnings balance

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Reference no: EM132903006

Cash $20,000.00

A/R $70,000.00

Inventory $100,000.00

A/P(Short Term) $160,000.00

Bonds Payable (long term debt) $400,000.00

Common Stock (Outstanding Shares 1,000) $30,000.00

Retained Earnings $180,000.00

Fixed Assets $580,000.00

Problem 1: The Company's Ending Retained Earnings was $180,000. If it paid no dividends for the year and had Net Income of $30,000 for the year, what was its beginning Retained Earnings balance?

Reference no: EM132903006

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