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A company began the year with retained earnings of $1,000. Net income for the year was $250, it repaid $350 of its line of credit balance, and it paid dividends to its shareholders of $200. What was

A company began the year with retained earnings of $1,000. Net income for the year was $250, it repaid $350 of its line of credit balance, and it paid dividends to its shareholders of $200. What was the company’s retained earnings at the end of the year?

I found formula from online which is :

+ Beginning retained earnings

+ Net income during the period

- Dividends paid

= Ending retained earnings

But question is what do I do with $350?? Please let me know what to do and why... ? Thank you!

 

Jun 02 2021 View more View Less

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