During the year, Patriot Partners had$245,000 in revenues, $120,000 in expenses,and $40,000 in declared dividends.What was the total change in RetainedEarnings during the year?ANSWER$85,000 increase$125,000 increase$165,000 increase$165,000 decrease

Retained earnings is the amount of accumulated earnings over the life of an entity that has not yet…

Answered: During the year, Patriot Partners had…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 8RE

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During the year, Patriot Partners had $245,000 in revenues, $120,000 in expenses, and $40,000 in declared dividends. What was the total change in Retained Earnings during the year?