During 2009,Hillary Ltd earned revenue of $1000 and a net profit of $200.Retained profits at 31 December 2009 were $540 and dividends declared and paid totalled $160.At the same date,liabilities were $260 and assets $1800.There were no transfers to reserves during 2009.What was the balance of Hillary Ltd's retained profits at 1 January 2009?
A) $540
B) $580
C) $400
D) the balance cannot be determined from the above information.

Question

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The Answer of During 2009,Hillary Ltd earned revenue of $1000 and a net profit of $200.Retained profits at 31 December 2009 were $540 and dividends declared and paid totalled $160.At the same date,liabilities were $260 and assets $1800.There were no transfers to reserves during 2009.What was the balance of Hillary Ltd's retained profits at 1 January 2009?
A) $540
B) $580
C) $400
D) the balance cannot be determined from the above information.

During 2009,Hillary Ltd Earned Revenue of $1000 and a Net