Use the work sheet for Finley Company to answer the questions that follow. The ending balance in Retained Earnings is
A) $28,000
B) $70,000
C) $25,000
D) $73,000

Name: Use the work sheet for Finley Company to answer the questions that follow. The ending balance in Retained Earnings is A) $28,000 B) $70,000 C) $25,000 D) $73,000
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Question

Use the work sheet for Finley Company to answer the questions that follow.  The ending balance in Retained Earnings is
A) $28,000 
B) $70,000 
C) $25,000 
D) $73,000

Quizplus · Accepted Answer

The ending balance in Retained Earnings is calculated as beginning balance + net income - dividends, which in this case is $40,000 + $56,000 - $26,000 = $70,000.

Use the Work Sheet for Finley Company to Answer the Questions