Multiple Choice
When preparing the financial statements of Somersby Ltd, the accountant found the following information: opening balance of Retained earnings $15,000; Interim dividends paid $2,500; Profit earned $20,000; Dividends declared $5,000. The closing balance of Retained earnings for Somersby Ltd is:
A) $7,500.
B) $30 000.
C) $27,500.
D) $15 000.
Correct Answer:
Verified
Correct Answer:
Verified
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