On January 1,2017,Guided Light Corporation's Retained Earnings account had a balance of $275,000.During 2017,cash dividends of $50,000 were declared and stock dividends with a market value of $40,000 were declared.Net income for 2017 amounted to $120,000.What is the balance in Retained Earnings appearing on the statement of shareholders' equity on December 31,2017?
A) $305,000
B) $185,000
C) $395,000
D) $345,000
Correct Answer:
Verified
Q107: The financial statement that reports the changes
Q108: On January 1,2017,Automatic Train Corporation had 30,000
Q109: Given the following information prepare a Statement
Q110: On January 1,2016,Proven Technology Corporation's common shares
Q111: The following statement of shareholders' equity for
Q113: A statement of shareholder's equity does not
Q114: Scar Corporation obtained a charter from the
Q115: Repurchased share transactions are reported on the:
A)
Q116: All of the following might be found
Q117: Which of the following would not be
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