The records of Flint Corp. for calendar 2023 reflected the following correct pre-tax amounts: gain from...

 

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The records of Flint Corp. for calendar 2023 reflected the following correct pre-tax amounts: gain from discontinued operations, $43,000; cash dividends declared and paid, $38,700; retained earnings, January 1, 2023, $236,500, correction of accounting error, $30,100 debit; income before income taxes and before discontinued operations, $141,900. The average income tax rate of 40% applies to all items except the dividends. Calculate the December 31, 2023 ending balance of retained earnings. The records of Flint Corp. for calendar 2023 reflected the following correct pre-tax amounts: gain from discontinued operations, $43,000; cash dividends declared and paid, $38,700; retained earnings, January 1, 2023, $236,500, correction of accounting error, $30,100 debit; income before income taxes and before discontinued operations, $141,900. The average income tax rate of 40% applies to all items except the dividends. Calculate the December 31, 2023 ending balance of retained earnings.

Answer rating: 100% (QA)

To calculate the December 31 2023 ending balance of retained earnings for Flint Corp we need to cons... View the full answer