Review exercise—calculate retained earnings From the following data, calculate the Retained Earnings balance as of December 31, 2011:
|
Retained earnings, December 31, 2010 |
$346,400 |
|
Cost of buildings purchased during 2011 |
41,800 |
|
Net income for the year ended December 31, 2011 |
56,900 |
|
Dividends declared and paid in 2011 |
32,500 |
|
Increase in cash balance from January 1, 2011, to December 31, 2011 |
23,000 |
|
Increase in long term debt in 2011 |
44,600 |