Multiple Choice
On January 1, Kimberling Corporation's Retained Earnings account had a balance of $400,000. During the year, the board of directors declared cash dividends of $50,000 and stock dividends with a market value of $40,000. Net income for the year amounted to $120,000. What is the balance in Retained Earnings appearing on the statement of stockholders' equity on December 31?
A) $350,000
B) $310,000
C) $470,000
D) $430,000
Correct Answer:
Verified
Correct Answer:
Verified
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