Multiple Choice
On January 1, 20B, Grover Inc., started the year with a $22,000 credit balance in its retained earnings account. During 20B, the company earned profit of $40,000 and declared and paid dividends of $10,000. Also, the company received cash of $15,000 as an additional investment by its owners. Therefore, the balance in retained earnings on December 31, 20B, would be which of the following?
A) $67,000.
B) $57,000.
C) $52,000.
D) $42,000.
Correct Answer:
Verified
Correct Answer:
Verified
Q21: The matching process recognizes liabilities when incurred
Q29: An expense account is a subdivision of
Q39: Which principle holds that all of the
Q41: Which of the following expenses is usually
Q42: A company can experience difficulty even if
Q46: Transactions where cash is received before being
Q47: The equality of debits and credits is
Q48: Why might managers be tempted to violate
Q57: Operating revenues result from the sale of
Q136: An increase in an asset is recorded