Posted: February 17th, 2016

Calculate the Retained Earnings balance as of December 31, 2010. (Omit the “$” sign in your response

Review exercise-calculate retained earnings
From the following data:

Retained earnings, December 31, 2011 $490,400
Net decrease in total assets during 2011 74,800
Net increase in accounts receivable in 2011 17,200
Dividends declared and paid in 2011 67,200
Proceeds from issuance of bonds during 2011 176,800
Net loss for the year ended December 31, 2011 46,000

Required:Calculate the Retained Earnings balance as of December 31, 2010. (Omit the “$” sign in your response.)