From the data given below, calculate the Retained Earnings balance of December 31, 2019.
$\begin{array}{lr}
\text { Retained earnings, December } 31,2020 & \$ 34,000 \
\text { Increase in total liabilities during } 2020 & 99,000 \
\text { Gain on the sale of buildings during } 2020 & 42,000 \
\text { Dividends declared and paid in } 2020 & 27,000 \
\text { Proceeds from sale of common stock in 2020 } & 96,000 \
\text { Net income for the year ended December } 31,2020 & 123,000
\end{array}$

Question

From the data given below, calculate the Retained Earnings balance of December 31, 2019.
 $\begin{array}{lr}
\text { Retained earnings, December } 31,2020 & \$ 34,000 \
\text { Increase in total liabilities during } 2020 & 99,000 \
\text { Gain on the sale of buildings during } 2020 & 42,000 \
\text { Dividends declared and paid in } 2020 & 27,000 \
\text { Proceeds from sale of common stock in 2020 } & 96,000 \
 \text { Net income for the year ended December } 31,2020 & 123,000
\end{array}$

Quizplus · Accepted Answer

The Answer of From the data given below, calculate the Retained Earnings balance of December 31, 2019.
 $\begin{array}{lr}
\text { Retained earnings, December } 31,2020 & \$ 34,000 \
\text { Increase in total liabilities during } 2020 & 99,000 \
\text { Gain on the sale of buildings during } 2020 & 42,000 \
\text { Dividends declared and paid in } 2020 & 27,000 \
\text { Proceeds from sale of common stock in 2020 } & 96,000 \
 \text { Net income for the year ended December } 31,2020 & 123,000
\end{array}$

From the Data Given Below, Calculate the Retained Earnings Balance