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Question: A hospitality operation began with retained earnings of $146,000. During the year, cash dividends of $100,000 were paid to the owners. Net income for the year was $228,000. Answer the following:

a. What is the ending balance of retained earnings?

b. What would be the ending balance of retained earnings if a net loss of $12,200 had been reported rather than the net income?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92308047

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