At the end of 20x3, Libby company reported an ending balance for retained earnings of 50,000....
At the end of 20x3, Libby company reported an ending balance for retained earnings of 50,000. during 20x4, the company reported the following amounts: dividends declared and paid, 30,000 and net income, 40,000. the 20x4 statement of retained earnings should report an ending balance for retained earnings of..
a)90,000
b)80,000
c)60,000
d)40,000
Homework Answers
| 20x4 statement of retained earnings should report an ending balance for retained earnings of:- | |||||
| Option c) 60,000 is correct | |||||
| Libby Company | |||||
| Retained Earnings Statement | |||||
|
Retained Earnings, Jan 1, 20x4 | $ 50,000 | |||
| Add | Net Income | $ 40,000 | |||
| Less | Dividends | $ 30,000 | |||
|
|
Retained Earnings, Dec.31, 20x4 | $ 60,000 | |||
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