Multiple Choice
On January 1, 2013, Assembly System Corporation's Retained Earnings account had a balance of $675,000. During 2013, cash dividends of $25,000 and stock dividends with a market value of $55,000 were declared and distributed. Assembly System Corporation had a net loss of $5,000 in 2013. What is the balance in Retained Earnings that would appear on Assembly System Corporation's statement of shareholders' equity on December 31, 2013?
A) $670,000
B) $595,000
C) $615,000
D) $590,000
Correct Answer:
Verified
Correct Answer:
Verified
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