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Blossom Company started the year with $44400 in its Common Stock account and a balance in Retained Earnings of $32600. During the year, the company earned net income of $35500 and declared and paid $14800 of dividends. In addition, the company sold additional common stock amounting to $20700. As a result, the amount of its retained earnings at the end of the year would be _____.

Respuesta :

Answer:

$53,300

Explanation:

Given that,

Common Stock account = $44,400

Beginning retained earnings = $32,600

Net income = $35,500

Dividend declared and paid = $14,800

Retained earnings at the end of the year:

= Beginning retained earnings + Net income - Dividend declared and paid

= $32,600 + $35,500 - $14,800

= $53,300

Therefore, the retained earnings at the end of the year is $53,300.

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