During the first year of operations, BOOTIE LLC. Earned a net income totaling $30,400 and paid ordinary dividends of $12,200. In year 2, they reported net income of $34,400, paid ordinary dividends of $5,200 and paid preference dividends of $10,000. At the end of year 1, the BOOTIE LLC. had total assets of $154,000. At the end of year 2, the BOOTIE LLC. had total assets of $244,000. 

What is the amount of retained earnings at the end of year 2?

Answer rating: 100% (QA)

Retained Earnings can be calculated as Beginning Retained Earnings Net Income Dividends Beginni... View the full answer