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24 August, 05:37

During the year, patriot partners had $245,000 in revenues, $120,000 in expenses, and $40,000 in declared dividends. What was the total change in retained earnings during the year?

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  1. 24 August, 07:02
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    Calculation of total change in retained earnings during the year:

    Total change in retained earnings during the year can be calculated using the following formula:

    Total change in retained earnings during the year = Revenues Earned during the year - Expenses incurred during the year - Dividends declared during the year

    = 245000-120000-40000

    = 85,000

    Hence, total change in retained earnings during the year is $85,000
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