The Andrews company currently has the following balances in their equity accounts:
Common Stock $34,336
Retained earnings -$1,107,824
Suppose next year the Andrews company generates $46,300 in Net Profit, and declares and pays $16,000 in Dividends. What will Andrews ending balance in Retained Earnings be next year?
- -$1,073,488
- $80,636
- -$1,057,488
- -$1,077,524