The balance in retained earnings at December 31, 2008 was $720,000 and at December 31, 2009 was $582,000. Net income for 2009 was $500,000. A stock dividend was declared and distributed which increased common stock $200,000 and paid-in capital $110,000. A cash dividend was declared and paid.
-The amount of the cash dividend was

Question

Quizplus · Accepted Answer

$720,000 + $500,000 - ($200,000 + $110,000) - X = $582,000 X = $328,000.

The Balance in Retained Earnings at December 31, 2008 Was