The Retained Earnings balance was $64120 on January 1. Net income for the year was $50,680....

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Question

The Retained Earnings balance was $64120 on January 1. Net income for the year was $50,680. If Retained Earnings had a credit

Mapleleaf Industries declared a $0.75 per share cash dividend. The company has 120,000 shares authorized, 49,000 shares issue

A company issued 8% preferred stock with a $100 par value. This means: Multiple Choice Only 8% of total contributed capital c

Creston Enterprises has common stock with a par value of $5. During the current year, it declared and paid dividends of $20,0

business accounting

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Answer 1

Answer #1

Dear student, only one question is allowed at a time. I am answering the first question

Opening Retained Earnings + Net Income – Dividends Paid = Closing Retained earnings

So, $64,120 + $50,680 – Dividends Paid = $66,640

So, Dividends Paid = $64,120 + $50,680 - $66,640

= $48,160

So, as per above calculations, option C is the correct option

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Answer 2

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