From the Data Given Below, Calculate the Retained Earnings Balance

question 40

Essay

From the data given below, calculate the Retained Earnings balance as of December 31, 2020.
$\begin{array}{lrr} \text { Retained earnings, December 31, 2019 } &\$840,000\\ \text { Cost of equipment purchased during 2020 } &250,000\\ \text { Net loss for the year ended December 31,2020 } &86,000\\ \text { Dividends declared and paid in 2020} &110,000\\ \text { Decrease in cash balance from January 1,2020 to December 31,2020 } &24,000\\ \text {Decrease in long-term debt in 2020 } &134,000\\\end{array}$

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Definitions:

Comparison Other

An individual or group used as a reference point for evaluation, often influencing self-perception and behavior.

Inequity

The perceived unfairness or imbalance in the distribution or treatment in social exchanges, leading to dissatisfaction and tension.

Outcomes

The results or effects that are a consequence of specific actions, processes, or behaviors.

Thistle Tube

A laboratory equipment used primarily in filtration and gas collection, featuring a funnel-like top and a long, narrow stem.