On 1 January 2014 the balance in Detrack Pty Ltd's retained earnings account was $50 000. The balance on 31 December 2014 was $100 000. On 10 December 2014 dividends of $50 000 were declared payable on 31 January 2015. Assuming all closing entries have been completed the profit for 2014 was:

Question

Quizplus · Accepted Answer

The Answer of On 1 January 2014 the balance in Detrack Pty Ltd's retained earnings account was $50 000. The balance on 31 December 2014 was $100 000. On 10 December 2014 dividends of $50 000 were declared payable on 31 January 2015. Assuming all closing entries have been completed the profit for 2014 was:

On 1 January 2014 the Balance in Detrack Pty Ltd's