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Author Question: Lisbon Company's budgeted data for the upcoming year showed total projected assets of $2,551,000 and ... (Read 52 times)

EAugust

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Lisbon Company's budgeted data for the upcoming year showed total projected assets of $2,551,000 and total projected liabilities of $1,624,000. The balance of common stock for the year is projected to remain stable at $500,000. The shareholders' equity section of the balance sheet is made up of common stock and retained earnings. No cash dividends will be paid during the year. Lisbon Company is budgeting net income for the year of $317,000

Prepare a budgeted balance sheet for end of the year. What was the balance of retained earnings at the beginning of the year?


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Marked as best answer by EAugust on Jan 5, 2020

vboyd24

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EAugust

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Reply 2 on: Jan 5, 2020
Thanks for the timely response, appreciate it


alvinum

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Reply 3 on: Yesterday
:D TYSM

 

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