Lorna company is a new company with a beginning retained earning balance of zero. it has the following account balances the end of the first year operations:

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21-06-2022
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Lorna company is a new company with a beginning retained earning balance of zero. it has the following account balances the end of the first year operations:

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Tundexi Tundexi · Answer 1 · 2022-07-04T19:17:21+02:00

The ending balance in Retained Earnings equals to $62,000

What is balance of retained earnings?

It is calculated as adding of beginning Retained Earnings balance to the net income or loss and then dividend payouts are subtracted.

Retained Earnings balance = Beg retained earning - Dividend + Net income.

Retained Earnings balance = $0 + ($105,000 - $14,000 - $11,000 - $10,000) - $8,000

Retained Earnings balance = $62,000

Hence, the ending balance in Retained Earnings equals to $62,000.

Therefore, the Option D is correct.

Missing data "company with a beginning retained earnings balance of zero. It has the following account balances at the end of the first year of operations: Accounts Payable $37,000 Revenues $105,000 Salaries Expense $14,000 Dividends $8,000 Utilities Expense $11,000 Advertising Expense $10,000 Short−term Investments $20,000 Cash $87,000 Land $50,000 Common Stock $58,000

What is the ending balance in Retained Earnings? A. $72,000 B. $0 C. $70,000 D. $62,000"