The beginning balance in the Retained Earnings account of a company was $11,000. The revenues and expenses were $220,000 and $170,000, respectively. During the year, the company paid dividends of $4,000
The ending balance in Retained Earnings was $61,000.
Indicate whether the statement is true or false
FALSE .Beginning Retained Earnings $11,000
Add: Net Income ($220,000 - $170,000 ) 50,000
Dividends (4,000 )
Ending Retained Earnings $57,000
You might also like to view...
Assume that the only good traded between Mexico, the U.S., and Canada is chicken, which is produced by all three countries. If the cost of producing a pound of chicken is 5 pesos in Mexico, 1 U.S. dollar in the U.S., and 2 Canadian dollars in Canada, and if the law of one price holds, what are each of the exchange rates between the three countries?
What will be an ideal response?
Which of the following is a good example of an industry?
A) housewares B) water purifiers C) percolators D) drip coffee makers
What is a snapshot?
A. A view of data at a particular moment in time. B. Opportunities to change the way people purchase books. C. A world where interconnected, Internet-enabled devices or "things" can collect and share data without human intervention. D. Device that connects directly to other devices.
Drastic modifications in the physical product may be necessary because of two problems prevalent in the developing countries: a tendency to overload equipment and to provide slight maintenance.
Answer the following statement true (T) or false (F)