Question - From the data given below, calculate the Retained Earnings balance of December 31, 2010.
Prepare the retained earning portion of a statement of change in owners' equity for the year ended December 31, 2010.
Retained Earnings, December 31, 2009 - $230,000
Increase in total liabilities during 2010 - 66,000
Gain on the sale of buildings during 2010 - 28,000
Dividends declined and paid in 2010 - 18,000
Proceeds from the sale of common stock in 2010 - 64,000
Net Income for the year ended December 31, 2010 - 82,000