Beginning Retained Earnings are $75,000; sales are $31,500; expenses are $40,000; and dividends paid are $3,800. How much is the amount in ending Retained Earnings?
A) $62,700
B) $71,200
C) $106,500
D) $75,000
A) $62,700
Explanation: Beginning RE - net loss - dividends = ending RE (($75,000 + $31,500)
- $40,000 - $3,800 = $62,700)
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