Solving for Retained Earnings Practice Problem - ACCT 2050, University of Minnesota--Twin Cities

5. Solving for Retained Earnings

in Topic 1 (Problem 5 of 5)

Hard

At the end of Year 2, a company has a retained earnings balance of 5,700. Compute the missing amounts in the following table.

	Year 1	Year 2
Beginning retained earnings	4,500	A
Revenues for the year	16,300	15,200
Expenses for the year	B	13,300
Dividends declared	1,000	1,500

	(B) Year 1 Expenses	(A) Year 2 Beginning retained earnings
1.	13,700	2,300
2.	14,500	5,300
3.	17,500	5,700
4.	19,500	6,100
5.	None of the above

	Year 1 Expenses	Year 2 Beginning retained earnings
2.	14,500	5,300