170k views
2 votes
Retained Earnings Account Balance As of January 1, Retained Earnings had a credit balance of $62,700. During the year, dividends totaled $1,700, and the business incurred a net loss a $87,800. a. Compute the balance of Retained Earnings as of the end of the year. b. Assuming that there have been no recording errors, will the balance sheet prepared at December 31 balance?

1 Answer

4 votes

Answer: Retained Earnings Account Balance As of January 1, Retained Earnings had a credit balance of $62,700. During the year, dividends totaled $1,700, and the business incurred a net loss a $87,800. a. Compute the balance of Retained Earnings as of the end of the year. b. Assuming that there have been no recording errors, will the balance sheet prepared at December 31 balance?

Step-by-step explanation:

User Lucbas
by
8.7k points