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Denmark Inc. is preparing a statement of stockholders' equity for 2014. On January 1, 2014, Denmark started the year with a $100,000 credit balance in its retained earnings account. During 2014, the company earned net income of $70,000 and declared dividends of $10,000. Also, the company received cash of $15,000 as an additional investment by its owners. What is the balance in retained earnings on December 31, 2014?
Total Cost Transferred
The cumulative cost relocated from one department to another or from production to finished goods inventory.
Processing Department
A specific location or unit within a manufacturing facility where a distinct process or series of processes occur for the production of goods.
Equivalent Unit
A measure used in cost accounting to express the amount of work done on partially finished goods as an equivalent number of fully finished units.
Processing Department
A division within a manufacturing facility where a specific type of production activity or process is carried out.
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