Solution-What was the balance in retained earnings

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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What was the balance in retained earnings

Reference no: EM13556018

Reference no: EM13556018

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