Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. thermopolis, inc. reported retained earnings of $5

Thermopolis, Inc. reported retained earnings of $500,000 on December 31, 2017. During the year, Thermopolis...

80.2K

Verified Solution

Question

Accounting

Thermopolis, Inc. reported retained earnings of $500,000 on December 31, 2017. During the year, Thermopolis recorded net income of 100,000 and paid dividends of $50,000. The company had no other transactions that affected retained earnings. What must retained earnings have been on December 31, 2016? Put your answer without comma or dollar sign.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Chemistry
1.2K views

Flag this Question Question 1 1 pts Calculate the molarity of 2.45 mol CaCl2 in 0.3 L solution. 8.16...

Physics
1.2K views

Write about czochralski method (melt) in half of a sheet

Electrical Engineering
1.2K views

Implement the synchronous 2-bit Up/Down counter with saturation at the end states. The flip-flop outputs Q1,...

Physics
1.2K views

C 5 State Hooke s law On what factors does the modulus of elasticity of...

Accounting
1.2K views

Price the amount charged to customers multiplied by the number of units sold. ( T...

Accounting
1.2K views

Inventory records for Maya, Inc. revealed the following: Date Transaction Units Unit...

Accounting
1.2K views

Problem 4-6 Moving Expenses (LO 4.5) In June of 2017, Keith Silva accepts a new...

Accounting
1.2K views

please fill in the boxes Kingbird, Inc. has 1,000,000 authorized shares of $21 par...

Accounting
1.2K views

If somebody could help me with steps to the following homework problem. I need help...

Accounting
1.2K views

Tescopie,had total sales of $600,000 in 2020(60 percent of its sales are credit). The company's...

Finance
1.2K views

Your friend argues that C-Corporations are ruining the world by their focus on profits. He...

Accounting
1.2K views

Evaluate whether companies can shape culture