From the data given below, calculate the Retained Earnings balance as of December 31, 2004. Retained Earnings,

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From the data given below, calculate the Retained Earnings balance as of December 31, 2004.

Retained Earnings, December 31, 2003 ......... $ 420,000

Cost of equipment purchased during 2004 ........ 125,000

Net loss for the year ended December 31, 2004 ....... 43,000

Dividends declared and paid in 2004 ............ 55,000

Decrease in cash balance from Jan. 1, 2004 to Dec. 31, 2004 . 12,000

Decrease in long-term debt in 2004 ........... 67,000

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Accounting What the Numbers Mean

ISBN: 978-0073527062

9th Edition

Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele,

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Question Posted: May 20, 2013 06:31 AM

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From the data given below, calculate the Retained Earnings balance as of December 31, 2004. Retained Earnings,

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Accounting What the Numbers Mean

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