From the Data Given Below, Calculate the Retained Earnings Balance

question 27

Essay

From the data given below, calculate the Retained Earnings balance of December 31, 2019.
$\begin{array}{lr}\text { Retained earnings, December } 31,2020 & \$ 34,000 \\\text { Increase in total liabilities during } 2020 & 99,000 \\\text { Gain on the sale of buildings during } 2020 & 42,000 \\\text { Dividends declared and paid in } 2020 & 27,000 \\\text { Proceeds from sale of common stock in 2020 } & 96,000 \\ \text { Net income for the year ended December } 31,2020 & 123,000\end{array}$

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Definitions:

Youngest

This term refers to the most recently formed or last in a sequence, often used in contexts related to geologic formations or the age of geological layers.

Plutoid

A class of dwarf planet farther from the Sun than the orbit of Neptune.

Orbited

Describes the path one object takes around another object due to the gravitational forces between them, commonly used in the context of planets and satellites.

Solar Wind

Solar Wind is a stream of charged particles, including electrons and protons, ejected from the upper atmosphere of the sun, affecting the entire solar system.