Tantramar Corporation has the following shareholders equity on July 31, 2020: Shareholders' equity
Share capital Assume that during the following year the company had profit of $ 65,000 and declared and paid dividends of $ 15,000. The beginning balance of retained earnings on the statement of retained earnings for the year ended July 31, 2021 is
A) $ 500,000.
B) $ 565,000.
C) $ 550,000.
D) cannot be determined from the information provided.

Question

Tantramar Corporation has the following shareholders equity on July 31, 2020: Shareholders' equity
Share capital  Assume that during the following year the company had profit of $ 65,000 and declared and paid dividends of $ 15,000. The beginning balance of retained earnings on the statement of retained earnings for the year ended July 31, 2021 is
A) $ 500,000. 
B) $ 565,000. 
C) $ 550,000. 
D) cannot be determined from the information provided.

Quizplus · Accepted Answer

The Answer of Tantramar Corporation has the following shareholders equity on July 31, 2020: Shareholders' equity
Share capital  Assume that during the following year the company had profit of $ 65,000 and declared and paid dividends of $ 15,000. The beginning balance of retained earnings on the statement of retained earnings for the year ended July 31, 2021 is
A) $ 500,000. 
B) $ 565,000. 
C) $ 550,000. 
D) cannot be determined from the information provided.

Tantramar Corporation Has the Following Shareholders Equity on July 31