On March 1,Team Shirts had a beginning balance in retained earnings of $1,200.During March,Team Shirts paid $200 in dividends and had net income of $2,000.The March 31 balance in retained earnings was ________.
A)$3,000
B)$3,200
C)$3,400
D)$1,200

Question

Quizplus · Accepted Answer

The March 31 balance in retained earnings is calculated as the beginning balance plus net income minus dividends paid. Therefore, $1,200 + $2,000 - $200 = $3,000.

On March 1,Team Shirts Had a Beginning Balance in Retained