cjs238

I actually got no. 58 right. The solution is correct, only the presentation may be a bit confusing for non-accounting people. In the solution, dividends was deducted from net income in order to get the increase in retained earnings. To simplify, you may want to solve it another way, using the following equation:
Beg RE + Net Income - Dividends declared = End RE
225 + 53 - 10 = 268 End RE
CC + End RE = Total Equity
50 + 318 = 368
Assets - Equity = Liability
800 - 318 = 482