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Hutch Corporation finished their fiscal year ending March 31, 2010, with $88,000 of net income. They issued dividends of $22,000 at year end. At the end of the year on March 31, 2010, they had a net loss of ($46,000) and did not distribute any dividends. In the fiscal year ending march 31, 2012, their net income was $55,000. What is the projected ending retained earning balance of march 31, 2012, assuming that 2010 was their worst year of business?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9282958

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