Benson Inc. had a credit balance in Retained Earnings on December 31, 2023, of $48,000. During 2024,

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Benson Inc. had a credit balance in Retained Earnings on December 31, 2023, of $48,000. During 2024, Benson recorded profit of $146,000 and declared and paid dividends of $47,000. During 2025, the company recorded a loss of $15,000. No dividends were declared or paid in 2025. Calculate the balance in Retained Earnings at December 31, 2025.

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Fundamental Accounting Principles Volume 2

ISBN: 9781260881332

17th Canadian Edition

Authors: Kermit D. Larson, Heidi Dieckmann, John Harris

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