At the beginning of Year 2, X Company had assets of $300, liabilities of $150, and common stock of $50. During Year 2, the company earned revenue of $500, incurred expenses of $200, and paid dividends of $50. All transactions were cash transactionsThe amount of retained earnings reported on X Company's December 31, Year 2 balance sheet would be
A) $100
B) $250
C) $350
D) None of these answers are correct.

Question

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The Answer of At the beginning of Year 2, X Company had assets of $300, liabilities of $150, and common stock of $50. During Year 2, the company earned revenue of $500, incurred expenses of $200, and paid dividends of $50. All transactions were cash transactionsThe amount of retained earnings reported on X Company's December 31, Year 2 balance sheet would be
A) $100
B) $250
C) $350
D) None of these answers are correct.

At the Beginning of Year 2, X Company Had Assets