Moringa Products Corporation had common stock of $820,000 and retained earnings of $1,250,000 on January 1. During the year, $75,000 of common stock was issued. Dividends of $48,000 were paid. For the year ended December 31, Moringa reported a net income of $287,500. What is the retained earnings balance on December 31?

Answer rating: 100% (QA)

To calculate the retained earnings balance on December 31 you need to ... View the full answer