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What expected balance in retained earnings on budgeted

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Reference no: EM132755523

Problem 1: Grayline Bus Corporation is preparing a budgeted balance sheet for 2021. The retained earnings balance at December 31, 2020 was $500,000. The 2021 budgeted income statement shows expected net income of $100,000. The company expects to declare dividends during 2021 amounting to $50,000. The expected balance in retained earnings on the 2021 budgeted balance sheet is

Reference no: EM132755523

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