Sultan Inc was organized on January 1 2014 It reported
Sultan Inc. was organized on January 1, 2014. It reported the following for its first two years of operations:
Net earnings for 2014 ............. $ 31,000
Dividends for 2014 .............. 14,200
Total shareholders’ equity at end of 2014 ...... 130,000
Net earnings for 2015 ............. 42,000
Dividends for 2015 .............. 18,700
Total shareholders’ equity at end of 2015 ...... 250,000
Required:
Compute the ending balance of retained earnings for Sultan Inc. as at December 31, 2015. Show computations.
Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
    Tutors
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
OR
Relevant Tutors available to help