1 answer

View Policies Current Attempt in Progress At January 1, 2022, Sheffield Corp. reported Retained Earnings of...

Question:

View Policies Current Attempt in Progress At January 1, 2022, Sheffield Corp. reported Retained Earnings of $371000. During 2
View Policies Current Attempt in Progress At January 1, 2022, Sheffield Corp. reported Retained Earnings of $371000. During 2022, Sheffield had a net loss of $79500 and paid dividends to the stockholders of $53000. At December 31, 2022, the balance in Retained Earnings is O $291500 debit O $318000 credit O $371000 debit. O $238500 credit. Save for Later Attempts: 0 of 1 used Submit Answer

Answers

Ending retained earnings=Beginning retained earnings+Net income-Dividends paid

=371000-79500-53000

which is equal to

=$238500 credit

.

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