Use the following information to answer:
The following information was taken from the records of Easter Corporation for the year ended December 31, 2019.

-The retained earnings reported by Easter Corporation as of December 31, 2019 is:

Question

Use the following information to answer:
The following information was taken from the records of Easter Corporation for the year ended December 31, 2019.
 
-The retained earnings reported by Easter Corporation as of December 31, 2019 is:

Quizplus · Accepted Answer

Year-end retained earnings = Beginning retained earnings + Net income (loss) - dividends.
Net income = Revenue - Expenses
($200,000 - ($40,000 + $26,000 + $23,400 +$33,800) = $76,800)
Year-end retained earnings = $115,720 + $76,800 - $30,000 = $162,520

Use the Following Information to Answer