Baltimore Manufacturing, Inc., had net income for 2010 of $58,280. During the fiscal year, which began on

Question:

Baltimore Manufacturing, Inc., had net income for 2010 of $58,280. During the fiscal year, which began on January 1, 2010, the company declared and paid dividends of $5,500. On the balance sheet at December 31, 2010, the balance in retained earnings was $295,880. What was the December 31, 2009, balance (i.e., the beginning balance) in retained earnings?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...