From the following information, determine the beginning balance in the Retained Earnings account. $$\begin{array} { l l }
\text { Dividends } & \$ 8,000 \
\text { Ending Retained Earnings } & 30,000 \
\text { Net Income } & 14,000 \
\text { Paid-in Capital, beginning } & 29,000 \
\text { Paid-in Capital, ending } & 26,000
\end{array}$$
A)$24,000
B)$2,000
C)$46,000
D)None of these answers is correct.

Question

From the following information, determine the beginning balance in the Retained Earnings account. $$\begin{array} { l l } 
\text { Dividends } & \$ 8,000 \
\text { Ending Retained Earnings } & 30,000 \
\text { Net Income } & 14,000 \
\text { Paid-in Capital, beginning } & 29,000 \
\text { Paid-in Capital, ending } & 26,000
\end{array}$$
A)$24,000
B)$2,000
C)$46,000
D)None of these answers is correct.

Quizplus · Accepted Answer

The beginning balance in Retained Earnings can be calculated using the formula: Beginning Retained Earnings = Ending Retained Earnings - Net Income + Dividends. Substituting the given values: Beginning Retained Earnings = $30,000 - $14,000 + $8,000 = $24,000.

From the Following Information, Determine the Beginning Balance in the Retained