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11 May, 20:57

Sheridan Company began the year with retained earnings of $659000. During the year, the company recorded revenues of $600000, expenses of $380000, and paid dividends of $141500. What was Sheridan retained earnings at the end of the year? A. $1131500B. $600000C. $737500D. $1017500

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  1. 11 May, 21:18
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    C. $737,500

    Explanation:

    The formula to compute the ending balance of retained earning is shown below:

    The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid

    = $659,000 + $220,000 - $141,500

    = $737,500

    The net income is calculated below:

    = Sales revenues - expenses

    $600,000 - $380,000

    = $220,000
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Home » Business » Sheridan Company began the year with retained earnings of $659000. During the year, the company recorded revenues of $600000, expenses of $380000, and paid dividends of $141500. What was Sheridan retained earnings at the end of the year? A.
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