For the year ending December 31, 2020, Soto Inc. reports net income $170,000 and cash dividends $85,000.
Question:
For the year ending December 31, 2020, Soto Inc. reports net income $170,000 and cash dividends $85,000. Determine the balance in retained earnings at December 31, assuming the balance in retained earnings on January 1, 2020, was $220,000.
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Related Book For
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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