Solution-What was the january balance of retained earnings

What was the january balance of retained earnings

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Question - Pope's Garage had the following accounts and amounts in its financial statements on December 31, 2016. Assume that all balance sheet items reflect account balances at December 31, 2016, and that all income statement items reflect activities that occurred during the year then ended.


Accounts receivable	$32,200
Depreciation expense	10,500
Land	25,000
Cost of goods sold	88,500
Retained earnings	60,000
Cash	10,800
Equipment	69,000
Supplies	5,900
Accounts payable	20,000
Service revenue	26,600
Interest expense	3,800
Common stock	9,000
Income tax expense	13,486
Accumulated depreciation	42,000
Long-term debt	39,000
Supplies expense	13,500
Merchandise inventory	27,100
Sales revenue

If $19,000 of dividends had been declared and paid during the year, what was the January 1, 2016, balance of retained earnings?

Reference no: EM131731469

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What was the january balance of retained earnings : If $19,000 of dividends had been declared and paid during the year, what was the January 1, 2016, balance of retained earnings

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What was the january balance of retained earnings

Reference no: EM131731469

Reference no: EM131731469

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