Multiple Choice
The Retained Earnings account had a beginning balance of $60,000 and an ending balance of $70,000. If $20,000 of dividends were declared and paid during the period, net income must have been:
A) $20,000.
B) $30,000.
C) $10,000.
D) $50,000.
Correct Answer:
Verified
Correct Answer:
Verified
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