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on january 1, 2022, monty corp. had retained earnings of $499,000. during the year, monty had the following selected transactions. 1. declared cash dividends $122,000. 2. earned net income $349,000. 3. declared stock dividends $58,000. determine the retained earnings balance at the end of the year.



Answer :

KunalYadav273

The presented statement indicates that the retained profits balance was $678,000 at the conclusion of the fiscal year.

What do transactions go by?

An executed contract in between a seller and a buyer to trade products, services, or bank deposits in exchange for money is known as a transaction. The phrase is also frequently used in business accounting.

Briefing:

The following is the statement of retained earnings for the year ending December 31, 2022 for Novak Corp.:

Retained Earnings Balance, January 1 = $499,000

Net Income = $349,000

Total amount in ended December 31, 2022 = $499,000 + $349,000

                                                                         = $848,000  

Less:

Cash Dividends: $112,000  

Stock Dividends: $58,000

The total less = $112,000 + $58,000 = $170,000

Retained Earnings Balance, December 31 = $848,000 + $170,000

                                                                      = $678,000

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