What was the balance in retained earnings

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Reference no: EM13556018

A firm began operations on January 1, 2006. Revenues for the year ended December 31, 2006 were $506,000, and revenues for the year ended December 31, 2007 were $1,144,000. Expenses for the year ended December 31, 2006 were $250,800, and for the year ended December 31, 2007, expenses were $517,000. Dividends for 2006 were $70,400, and for 2007 dividends were $167,200. What was the balance in Retained Earnings at the end of each of the years?

 

2006

2007

a.

$255,200

$459,800

b.

$184,800

$644,600

c.

$255,200

$644,600

d.

$184,800

$627,000

e.

$255,200

$627,000

 

Reference no: EM13556018

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