Multiple Choice
Denmark Inc.is preparing a statement of stockholders' equity for 2019.On January 1,2019,Denmark started the year with a $100,000 credit balance in its retained earnings account.During 2019,the company earned net income of $70,000 and declared dividends of $10,000.Also,the company received cash of $15,000 as an additional investment by its owners.What is the balance in retained earnings on December 31,2019?
A) $100,000.
B) $170,000.
C) $175,000.
D) $160,000.
Correct Answer:
Verified
Correct Answer:
Verified
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