7. The Treasure Chest Corporation had Retained Earnings at the end of December 3

Question

7.

The Treasure Chest Corporation had Retained Earnings at the end of December 31, 2015 of $451,000. During 2016, the company had net income of $171,000 and declared dividends of $20,100. The amount of Retained Earnings reported on the balance sheet as of December 31, 2016 will be:

A) $642,100.

B) $622,000.

C) $430,900.

D) $601,900.

The Treasure Chest Corporation had Retained Earnings at the end of December 31, 2015 of $451,000. During 2016, the company had net income of $171,000 and declared dividends of $20,100. The amount of Retained Earnings reported on the balance sheet as of December 31, 2016 will be:

Explanation / Answer

D) $601,900.

Retained Earnings at the end of December 31, 2015 of $451,000.

During 2016, the company had net income of $171,000

and declared dividends of ($20,100.)

The amount of Retained Earnings reported on the balance sheet as of December 31, 2016 will be $601,900.

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