The accountant for Robinson Company is preparing the company's statement of cash flows for the fiscal year
Question:
The accountant for Robinson Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available:
Retained earnings balance at the beginning of the year……………….$156,000
Cash dividends declared for the year………………………………............….$ 46,000
Proceeds from the sale of equipment…………………………………............$ 81,000
Gain on the sale of equipment………………………………………….................$ 7,000
Cash dividends payable at the beginning of the year…………………....$ 18,000
Cash dividends payable at the end of the year……………………….........$ 40,000
Net income for the year……………………………………………….....................$ 92,000
What is the ending balance for retained earnings?
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille