Information for Scandinavian Products at the End of Year 4

question 25

Essay

Information for Scandinavian Products at the end of Year 4 follows. $\begin{array}{lr}\text { Current Assets } & \$ 900,000 \\\text { Current Liabilities } & 400,000 \\\text { Fixed Assets, Net } & 600,000 \\\text { Investments } & 100,000 \\\text { Long-Term Debt } & 500,000 \\\text { Dividends Declared on Common Stock during the Year } & 50,000 \\\text { Rncome Summary (income) } & 225,000 \\\text { Retained Earnings, January 1, Year 4 } & ? \\\text { CommonStock } & 150,000\\\text { Premium an Common Stack }&250,000\end{array}$

Required:
a.Find the ending balance in Retained Earnings as of December 31,Year 4.
b.Find the beginning balance in Retained Earnings as of January 1,Year 4.

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