From the data given below, calculate the Retained Earnings balance as of December 31, 2020.
$\begin{array}{lrr}
\text { Retained earnings, December 31, 2019 } &\$840,000\
\text { Cost of equipment purchased during 2020 } &250,000\
\text { Net loss for the year ended December 31,2020 } &86,000\
\text { Dividends declared and paid in 2020} &110,000\
\text { Decrease in cash balance from January 1,2020 to December 31,2020 } &24,000\
\text {Decrease in long-term debt in 2020 } &134,000\
\end{array}$

Question

From the data given below, calculate the Retained Earnings balance as of December 31, 2020.
 $\begin{array}{lrr}
  \text { Retained earnings, December 31, 2019 } &\$840,000\
 \text { Cost of equipment purchased during 2020 } &250,000\
 \text { Net loss for the year ended December 31,2020 } &86,000\
 \text {  Dividends declared and paid in 2020} &110,000\
 \text { Decrease in cash balance from January 1,2020  to December  31,2020   } &24,000\
 \text {Decrease in long-term debt in 2020  } &134,000\
\end{array}$

Quizplus · Accepted Answer

The Answer of From the data given below, calculate the Retained Earnings balance as of December 31, 2020.
 $\begin{array}{lrr}
  \text { Retained earnings, December 31, 2019 } &\$840,000\
 \text { Cost of equipment purchased during 2020 } &250,000\
 \text { Net loss for the year ended December 31,2020 } &86,000\
 \text {  Dividends declared and paid in 2020} &110,000\
 \text { Decrease in cash balance from January 1,2020  to December  31,2020   } &24,000\
 \text {Decrease in long-term debt in 2020  } &134,000\
\end{array}$

From the Data Given Below, Calculate the Retained Earnings Balance