Turner company had a retained earnings account balance of $560,200 at january 1, 2012. during 2012, the company has revenues of $380,000, operating expenses of $296,400, non-operating expenses of $28,000, and declared (on december 1) a dividend of $25,000 payable on february 1, 2013. near the end of 2012, the company purchased a new building paying cash down of $400,000 and entering into a note payable for the balance of $360,000. what was the company's ending retained earnings account balance on december 31, 2012?

The total balance of retained earnings account on December 31 $590.800

Explanation:

Assets  

Cash  $575.800  

Building  $400.000  

TOTAL ASSETS   $975.800  

Liabilities  

Dividends Payable   $25.000  

Notes Payable   $360.000  

TOTAL LIABILITIES   $385.000  

Equity  

Retained Earnings   $590.800  

TOTAL EQUITY   $590.800  

Income Statement

Sales  $380.000  

Salaries Expenses -$296.400  

Miscellaneous Expenses-$28.000  

Net Income   $55.600  

answer; /// the above statement is (true); good luck

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