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The Don't Tread on Me Tire Company had retained earnings at December 31, 2013 of $202.000.
During 2014, the company had revenues of $402,000 and expenses of $351,000, and the
company declared and paid dividends of $11,200. Retained earnings on the balance sheet as of
December 31, 2014 will be: $39,800. $241,800. $253,000. $292,800.
Solution
Closing Retained Earnings (31.3.2014) =
Opening retained earning = $ 202000
Add: Company's income during the year i.e; revenue - expenses
so, 402000 -351000 = $ 51000
i.e 202000 +51000 = $ 253000
less: dividend = 11200
So, Retained earnings closing (31.03.2014 ) = $ 241800
Thanks

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  • 1. The Don't Tread on Me Tire Company had retained earnings at December 31, 2013 of $202.000. During 2014, the company had revenues of $402,000 and expenses of $351,000, and the company declared and paid dividends of $11,200. Retained earnings on the balance sheet as of December 31, 2014 will be: $39,800. $241,800. $253,000. $292,800. Solution Closing Retained Earnings (31.3.2014) = Opening retained earning = $ 202000 Add: Company's income during the year i.e; revenue - expenses so, 402000 -351000 = $ 51000 i.e 202000 +51000 = $ 253000 less: dividend = 11200 So, Retained earnings closing (31.03.2014 ) = $ 241800 Thanks