Chamber's Tube & Rim Company Reported Retained Profits of $20

Multiple Choice

Chamber's Tube & Rim Company reported Retained Profits of $20 000 at the end of the year. The accompanying statement of comprehensive income for the year ending 31 December reported $10 000 in income and $20 000 in expenses. The balance of Retained Profits at the beginning of the year must have been:

A) $50 000.
B) $40 000.
C) $30 000.
D) $20 000.