Question: Absolutely have no idea on this one. Desperately need help! From the following data, calculate the retained earnings balance as of December 31, 2016: retained

Absolutely have no idea on this one. Desperately need help!

From the following data, calculate the retained earnings balance as of December 31, 2016:

retained earnings, December 31, 2015 = $623,600

Cost of equipment purchased during 2016 = 64,800

Net loss for the year ended December 31, 2016 = 9,400

Divedends declared and paid in 2016 = 37,000

Decrease in cash balance from January 1, 2016, to December 31, 2016 = 27,200

Decrease in long term debt in 2016 = 29,600

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