Solar Communications had the following balances in its stockholders' equity accounts as of December 31,20X9:
$\begin{array} { l l }
\text { Paid-in Capital } & \$ 53,000 \
\text { Retained Earnings } & \$ 31,000 \
\end{array}$
During the year ended December 31,20X9,Solar Communications generated $36,000 in net income,and declared and paid $16,000 in dividends.The ending balance in the retained earnings account at December 31,20X8,was
A)$11,000.
B)$26,000.
C)$13,000.
D)$67,000.
E)$40,000.

Question

Solar Communications had the following balances in its stockholders' equity accounts as of December 31,20X9: 
$\begin{array} { l l } 
\text { Paid-in Capital } & \$ 53,000 \
\text { Retained Earnings } &  \$ 31,000 \
\end{array}$ 
During the year ended December 31,20X9,Solar Communications generated $36,000 in net income,and declared and paid $16,000 in dividends.The ending balance in the retained earnings account at December 31,20X8,was
A)$11,000.
B)$26,000.
C)$13,000.
D)$67,000.
E)$40,000.

Quizplus · Accepted Answer

The Answer of Solar Communications had the following balances in its stockholders' equity accounts as of December 31,20X9: 
$\begin{array} { l l } 
\text { Paid-in Capital } & \$ 53,000 \
\text { Retained Earnings } &  \$ 31,000 \
\end{array}$ 
During the year ended December 31,20X9,Solar Communications generated $36,000 in net income,and declared and paid $16,000 in dividends.The ending balance in the retained earnings account at December 31,20X8,was
A)$11,000.
B)$26,000.
C)$13,000.
D)$67,000.
E)$40,000.

Solar Communications Had the Following Balances in Its Stockholders' Equity Paid-in Capital $53,000 Retained Earnings $31,000\begin{array} { l l } \text { Paid-in Capital } & \$ 53,000 \\\text { Retained Earnings } & \$ 31,000 \\\end{array} Paid-in Capital Retained Earnings ​$53,000$31,000​

Solar Communications Had the Following Balances in Its Stockholders' Equity $\begin{array} { l l } \text { Paid-in Capital } & \$ 53,000 \\\text { Retained Earnings } & \$ 31,000 \\\end{array}$