Multiple Choice
On January 1, 2014, Guided Light Corporation's Retained Earnings account had a balance of $275,000. During 2014, cash dividends of $50,000 were declared and stock dividends with a market value of $40,000 were declared. Net income for 2014 amounted to $120,000. What is the balance in Retained Earnings appearing on the statement of shareholders' equity on December 31, 2014?
A) $305,000
B) $185,000
C) $395,000
D) $345,000
Correct Answer:
Verified
Correct Answer:
Verified
Q20: The amount of cash dividends declared during
Q40: A statement of shareholders' equity would not
Q41: Taxable income is found on the:<br>A) income
Q42: EPS (Earnings Per Share) is a key
Q43: The primary responsibility of the independent auditor
Q44: Prior-period adjustments are made when an error
Q46: JetNew has a tax rate of 30%.
Q48: Prior-period adjustments are:<br>A) added to beginning balance
Q49: Describe the process of income tax accrual.
Q50: On January 1, 2013, Bogie Corporation had