The stockholders' equity accounts of Petaluma, Inc. include the following at May 31, 2016:
During 2017, the following transactions occurred:
Feb 15 Declared and issued cash dividends of $4.50 per share
May 31 Recorded an unrealized loss on foreign currency translation of $12,400.
May 31 Recorded net income of $385,000
Calculate the year-ending balance of retained earnings for May 31, 2017.

Question

The stockholders' equity accounts of Petaluma, Inc. include the following at May 31, 2016:
  During 2017, the following transactions occurred:
Feb 15 Declared and issued cash dividends of $4.50 per share
May 31 Recorded an unrealized loss on foreign currency translation of $12,400.
May 31 Recorded net income of $385,000
Calculate the year-ending balance of retained earnings for May 31, 2017.

Quizplus · Accepted Answer

The Answer of The stockholders' equity accounts of Petaluma, Inc. include the following at May 31, 2016:
  During 2017, the following transactions occurred:
Feb 15 Declared and issued cash dividends of $4.50 per share
May 31 Recorded an unrealized loss on foreign currency translation of $12,400.
May 31 Recorded net income of $385,000
Calculate the year-ending balance of retained earnings for May 31, 2017.

The Stockholders' Equity Accounts of Petaluma, Inc