The Retained Earnings Account of Company XYZ Has a Balance

question 43

Short Answer

The retained earnings account of Company XYZ has a balance of $350,000 at the end of 2010. At the end of 2011 the following information is available.
What is the amount of retained earnings at the end of 2011?
$$\begin{array} { | l | r | } \hline \text { Cash } & \$ 37,000 \\\hline \text { Dividends Declared } & 45,000 \\\hline \text { Common Stock } & 200,000 \\\hline \text { Net Income } & 175,000 \\\hline \text { Dividends Payable } & 45,000 \\\hline\end{array}$$

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