On January 1, Payson Inc. had a retained earnings balance of $20,000. During the year, Payson reported

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On January 1, Payson Inc. had a retained earnings balance of $20,000. During the year, Payson reported net income of$30,000 and paid cash dividends of $17,000. Calculate the retained earnings balance at its December 31 year-end.

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Fundamental Accounting Principles

ISBN: 978-1259916960

24th edition

Authors: John J Wild, Ken Shaw

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Question Posted: Jul 10, 2019 07:09 AM

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On January 1, Payson Inc. had a retained earnings balance of $20,000. During the year, Payson reported

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