On January 1, 20X2, Grover Inc., started the year with a $22,000 credit balance in its retained earnings account. During 20X2, the company earned profit of $40,000 and declared and paid dividends of $10,000. Also, the company received cash of $15,000 as an additional investment by its owners. Therefore, the balance in retained earnings on December 31, 20X2, would be which of the following?
A) $42,000.
B) $52,000.
C) $57,000.
D) $67,000.
Correct Answer:
Verified
Q49: Recording revenue
A) increases assets and liabilities.
B) increases
Q53: The payment of a liability
A) decreases assets
Q55: An accountant has debited an asset account
Q56: Golden Company had these transactions during the
Q60: The right side of an account
A) is
Q61: The statement of earnings provides investors with
Q62: The operating cycle is the time it
Q63: If Pizza Pizza reports an asset turnover
Q64: Revenues are decreases in assets or settlements
Q140: Which of the following statements is true?
A)Debits
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents