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Grass Gadgets Had Sales of $30 Million and Net Income

Question 56

Multiple Choice

Grass Gadgets had sales of $30 million and net income of $2 million in 2015. Grass paid a dividend of $1.5 million. Assuming that their beginning balance for retained earnings was $3 million, calculate their ending balance for retained earnings.


A) $2.5 million
B) $3 million
C) $3.5 million
D) $4 million

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