Turquoise and Topaz Sisters had retained earnings of $15,000 on the balance sheet but disclosed in the footnotes that $2,000 of retained earnings was restricted for plant expansion and $1,000 was restricted for bond repayments. Cash of $2,000 had been set aside for the plant expansion. How much of retained earnings is available for dividends?
A) $12,000
B) $13,000
C) $15,000
D) $10,000
Correct Answer:
Verified
Q93: A prior period adjustment that corrects income
Q94: Ludwick Inc. has retained earnings of $800,000
Q96: Shannon Manufacturing declared a 10% stock dividend
Q96: A credit balance in retained earnings represents
A)
Q97: The following selected amounts are available for
Q99: Irwin, Inc. had 300,000 shares of common
Q100: Colson Inc. declared a $160,000 cash dividend.
Q104: In the stockholders' equity section of the
Q106: The return on common stockholders' equity is
Q114: Corporation income tax expense is
A) usually accrued
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