For the year ending December 31, 2022, Swifty Inc. reports net income $144,000 and cash dividends $87,000. Determine the balance in retained earnings at December 31, assuming the balance in retained earnings on January 1, 2022, was $222,000.

$279,000

Explanation:

Particulars                                           Amount

Retained earnings  Jan. 1, 2022       $222,000

Add: Net Income                                $144,000

Sub-total                                             $366,000

Less: Dividend declared                    $87,000

Retained earnings  Jan. 31, 2022   $279,000

urban company reports the following information regarding its production cost: units produced 37,000 units direct labor $ 30 per unit direct materials $ 35 per unit variable overhead $ 237,000 in total fixed overhead $ 127,000 in total

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