Multiple Choice
On January 1,2010,Denmark Inc.,started the year with a $200,000 credit balance in its retained earnings account.During 2010,the company earned net income of $70,000 and declared and paid dividends of $10,000.Also,the company received cash of $15,000 as an additional investment by its owners.What is the balance in retained earnings on December 31,2010?
A) $200,000
B) $270,000
C) $245,000
D) $260,000
Correct Answer:
Verified
Correct Answer:
Verified
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