Retained earnings at the beginning of the year is $100,000. Total assets are $400,000. Liabilities are $250,000. Net income for the year is $25,000. Dividends are $5,000. What is ending retained earnings? $270,000 O $120,000 O $520,000 O $150,000

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
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Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 15EA: Farmington Corporation began the year with a retained earnings balance of $20,000. The company paid...
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Retained earnings at the beginning of the year is
$100,000. Total assets are $400,000. Liabilities are
$250,000. Net income for the year is $25,000.
Dividends are $5,000. What is ending retained earnings?
A
O $270,000
O $120,000
O $520,000
O $150,000
Transcribed Image Text:Retained earnings at the beginning of the year is $100,000. Total assets are $400,000. Liabilities are $250,000. Net income for the year is $25,000. Dividends are $5,000. What is ending retained earnings? A O $270,000 O $120,000 O $520,000 O $150,000
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