Calculate Retained Earnings Balance as of December 31, 2023

How to calculate the Retained Earnings balance as of December 31, 2023?

Can you explain the steps to calculate the Retained Earnings balance based on the given data?

Retained earnings, The Retained Earnings balance as of December 31, 2023 is $365,500.

It can be calculated by adding the Net Income for the year ended December 31, 2023, and subtracting the Dividends declared and paid in 2023.

To calculate the Retained Earnings balance as of December 31, 2023, we need to consider the given information:

1. Start with the Retained Earnings balance as of December 31, 2022: $341,000.
2. Add the Net Income for the year ended December 31, 2023: $56,800.
3. Subtract the Dividends declared and paid in 2023: $32,300.

By following these steps, we can calculate the Retained Earnings balance as of December 31, 2023:

$341,000 + $56,800 - $32,300 = $365,500.

Therefore, the Retained Earnings balance as of December 31, 2023, is $365,500.