Tantramar Corporation Has the Following Shareholders Equity on July 31

Multiple Choice

Tantramar Corporation has the following shareholders equity on July 31, 2013:
-Assume that during the following year the company had profit of $65,000 and declared and paid dividends of $15,000. The beginning balance of retained earnings on the statement of retained earnings for the year ended July 31, 2014 is

A) $500,000.
B) $565,000.
C) $550,000.
D) Cannot be determined from the information provided.