Beginning Retained Earnings are $65,000;sales are $29,500;expenses are $33,000;and dividends paid are $3,500.How much is the amount in ending Retained Earnings?

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Quizplus · Accepted Answer

Ending Retained Earnings = Beginning Retained Earnings + Net Income - Dividends. Net Income = Sales - Expenses = $29,500 - $33,000 = -$3,500. Ending Retained Earnings = $65,000 - $3,500 - $3,500 = $58,000.

Beginning Retained Earnings Are $65,000;sales Are $29,500;expenses Are $33,000;and Dividends