Question

Quantum Technology had $664,000 of retained earnings on December 31, 20X2. The company paid common dividends of $31,300 in 20X2 and had retained earnings of $588,000 on December 31, 20X1. a. How much did Quantum Technology earn during 20X2?

Answer 1

Net Loss 107,300

Step-by-step explanation:

`$$Beginning Retained Earnings$$$+/- Net Income/Loss$$$- Dividends$$$Equals Ending Retained Earning`

We post the values given in the assingment and then we solve for the missing part.

664,000 Beginning Retained Earnings

+/- Net Income/Loss

- 31,300 Dividends

Equals to 588,000 Ending Retained Earnings

588,000 - 664,000 - 31,300 = Result from the period

Net Loss 107,300