Hoytsville Company had the following account balances for 20X1. Account Amount Net Income $25,000 Retained Earnings (beginning of year) 40,000 Dividends 10,000 Unrealized Gain on Available-for-Sale Securities 18,000 Foreign Currency Translation Adjustment (increase) 4,000 Prior-period adjustment correction of previously OVER stated employee training expense 20,000 The beginning retained earnings amount does NOT reflect any necessary adjustments. 

What is the correct ENDING retained earnings balance for 20X1?

Answer rating: 100% (QA)

To calculate the correct ending retained earnings balance for 20X1 we need to consider the beginning ... View the full answer