1. Blue Fin began the current year with assets of $716,000, liabilities of $358,000, and common shares of $216,000. During the current year, assets increased by $416,000, liabilities decreased by $58,000, and common shares increased by $291,000. There were no dividend payments to owners during the year. Based on this information, what was the amount of Blue Fin's retained earnings at the beginning of the year?

2. Blue Fin began the current year with assets of $711,000, liabilities of $355,500, and common shares of $211,000. During the current year, assets increased by $411,000, liabilities decreased by $55,500, and common shares increased by $286,000. There were no dividend payments to owners during the year.

Use the information above to answer the following question. 

What was the amount of Blue Fin's change in total shareholders' equity during the year?

3. A company's first year of operations was Year 1. Net income for Year 1 was $21,900 and dividends of $12,950 were paid. In Year 2, the company reported net income of $35,900 and paid dividends of $5,950. At the end of Year 1, the company had total assets of $169,000. At the end of year 2, the company had total assets of $259,000.
What is the amount of retained earnings at the end of year 2?

Answer rating: 100% (QA)

1 To find the amount of Blue Fins retained earnings at the beginning of the year we can use the following formula Retained Earnings Total Shareholders ... View the full answer