Question: The West Hanover Clay Co had at the beginning of
The West Hanover Clay Co. had, at the beginning of the fiscal year, November 1, 2010, retained earnings of $425,000. During the year ended October 31, 2011, the company generated net income after taxes of $820,000 and paid out 35 percent of its net income as dividends. Construct a statement of retained earnings and compute the year-end balance of retained earnings.
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