Mints Entertainment, Inc. had net income of $170,000 and paid dividends of $0.25 per share on its

Question:

Mints Entertainment, Inc. had net income of $170,000 and paid dividends of $0.25 per share on its 100,000 shares of outstanding stock in 2006. At the end of the year its showed retained earnings of $250,000. What was Mints’ retained earnings balance at the end of 2005?

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...