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What is the balance of retained earnings

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Question - Greatmen Corporation's budgeted balance sheet for the coming year shows total assets of $4,649,000 and total liabilities of $1,901,000. Common stock and retained earnings make up the entire stockholders' equity section of the balance sheet. Common stock remains at its beginning balance of $1,495,000. The projected net income for the year is $349,600. The company pays no cash dividends.

What is the balance of retained earnings at the beginning of the budget period?

Reference no: EM132093735

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