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Calculate the closing balance of retained earnings

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Question - When preparing the financial statements of Somersby Ltd for the year ended 30 June 2019, the accountant found the following information:

Opening balance of Retained earnings $15,000

Interim cash dividend declared (August 15 2018) $2,500

Interim dividend paid (September 30 2018) $2,500

Cash received from new share issue (December 2, 2018) $10,000

Cash dividend declared (March 31) $5,000

Profit earned for the year ended 30 June 2019 $20,000

Required - Calculate the closing balance of Retained earnings for Somersby Ltd.

Reference no: EM132569394

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