Answered Essay: Panhandle Corporation was organized on January 3, 2012. The firm was authorized to issue 100,000 shares of $5 par value

Panhandle Corporation was organized on January 3, 2012. The firm was authorized to issue 100,000 shares of $5 par value common stock. During 2012, Panhandle had the following transactions relating to shareholders’ equity:

Issued 30,000 shares of common stock at $7 per share.
Issued 20,000 shares of common stock at $8 per share.
Reported a net income of $100,000.
Paid dividends of $50,000.

What is retained earnings at the end of 2012?

Expert Answer

 

Solution:

calculation of retained earning balance at the end of 2012
Beginning balance               –
add : net income for the year    100,000
Less : Dividend –   50,000
retained earning balance at the end of 2012      50,000
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