Determining the retained earnings balance, Accounting Basics

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Determining the retained earnings balance

The Embroidery Shoppe had beginning retained earnings of $18,670. During the year, the company reported sales of $83,490, costs of $68,407, depreciation of $8,200, dividends of $950, and interest paid of $478. The tax rate is 35 %. What is the retained earnings balance at the end of the year?

A. $21,883.25

B. $22,193.95

C. $22,833.24

D. $23,783.24

E. $30,393.95

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Accounting Basics: Determining the retained earnings balance

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Accounting Basics: Determining the retained earnings balance

Reference No:- TGS0518643

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Determining the retained earnings balance

Reference No:- TGS0518643

Recent Questions Asked Accounting Basics

Q : Differences between a cash approach and a profit approach

Q : Organizational ethics along with decision-making processes

Q : Overview of integrated marketing communications

Q : Perform research for various types of information systems

Q : Determining the retained earnings balance

Q : Explain the put strategy employed by this company

Q : Healthcare system from primary care to tertiary care

Q : Find costs of visit from perspective of society and patient

Q : What is the landlord carries contents insurance

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