Pharoah Construction Company earned $403,000 during the year ended June 30, 2017. After paying out $225,794 in dividends, the balance went into retained earnings. If the firm's total retained earnings were $847,042 at the end of fiscal year 2017, what were the retained earnings on its balance sheet on July 1, 2016

See below

Explanation:

Given the above,

The retained earnings for June 2017

If net profit = retained earnings + dividend

Retained earnings = earnings - dividend payout

$403,000 - $225,794

= $177,206

Therefore, the retained earnings on it's balance sheet on July 1 2013 would be;

= Total retained earnings at the end of the fiscal year 2017 - Retained earnings

= $847,042 - $177,206

= $669,836

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