Moss Company Has Provided the Following Data

question 26

Short Answer

Moss Company has provided the following data:
2010 revenues were $87,500.
2010 net income was $43,900.
Dividends declared and paid by Moss during 2010 totaled $15,700.
Total assets on December 31,2010 were $227,000.
Total stockholders' equity on December 31,2010 was $133,000.
Contributed capital on December 31,2010 was $93,000.
What was the beginning retained earnings balance?

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Definitions:

Securities

Financial instruments that represent ownership positions in corporations (stocks), creditor relationships with governmental bodies or corporations (bonds), or rights to ownership as represented by an option.

Forms

Documents with a prescribed format used for processing information relevant to business transactions, applications, surveys, or registrations.

Small Reporting Company

A designation by the SEC for smaller public companies that allows them to comply with less stringent financial reporting and disclosure requirements.

Annual Revenues

The total income generated by a business from its operations over a fiscal year before any expenses are subtracted.