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29 January, 20:43

Splish Brothers Inc. began the year 2022 with retained earnings of $658000. During the year, the company sold additional shares of stock for $1023000, recorded revenues of $587000, expenses of $376000, and paid dividends of $143000. What was Splish's retained earnings balance at the end of 2022?

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  1. 29 January, 22:41
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    The answer is $726,000

    Explanation:

    Ending inventory=

    Opening/beginning retained earnings

    Plus net income

    Minus Dividend paid.

    To find net income:

    Revenue - expense

    $587000 - $376000

    =$211,000

    Beginning Retained Earnings is $658000

    Dividend paid is $143000

    Therefore, ending retained earnings is

    $658, 000 + $211,000 - $143,000

    =$726,000
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