At the Beginning of 2010, Trey Corp

Multiple Choice

At the beginning of 2010, Trey Corp. had $341,000 in Retained Earnings. During 2010, Trey Corp. had $450,000 of revenue and $260,000 of expenses. Dividends declared and paid in 2010 were $25,000. Which of the following statements is(are) true?

A) Trey Corp.'s net income for 2010 was $165,000.
B) Trey Corp.'s net income for 2010 was $190,000.
C) Trey Corp.'s Retained Earnings on the December 31, 2010, balance sheet is $506,000.
D) Both a and c are true.
E) Both b and c are true.