Review exercise—calculate retained earnings From the following data, calculate the Retained Earnings balance as of December 31, 2010:
|
Retained earnings, December 31, 2011 |
$490,400 |
|
Net decrease in total assets during 2011 |
74,800 |
|
Net increase in accounts receivable in 2011 |
17,200 |
|
Dividends declared and paid in 2011 |
67,200 |
|
Proceeds from issuance of bonds during 2011 |
176,800 |
|
Net loss for the year ended December 31, 2011 |
46,000 |