Based on the following information, what would be the balance in the Retained Earnings Account, assuming all accounts have a normal balance?
A) $0
B) $13,718
C) $13,155
D) $13,284
E) $2,563

Question

Based on the following information, what would be the balance in the Retained Earnings Account, assuming all accounts have a normal balance? 
A) $0 
B) $13,718 
C) $13,155 
D) $13,284 
E) $2,563

Quizplus · Accepted Answer

Starting Retained Earnings balance = $11,971 
Add: Net Income = $3,313 
Subtract: Dividends Paid = $0 
Ending Retained Earnings balance = $11,971 + $3,313 - $2,000 = $13,284

Based on the Following Information, What Would Be the Balance