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As of January 1, 2014, the company has $300,000 in retained earnings. During the year the company had earnings/net income of $150,000 and paid cash dividends of $50,000. What is the amount of retained earnings as of December 31, 2014? Click the answer you think is right. $500,000 $450,000 $400,000 $200,000 Road about this Do you know the answer? I know it Think so Unsure No iclea

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Answer #1

C. $400,000

Amount of retained earnings as of December, 31 2014 = Beginning inventory + Net income - Cash dividends = $300,000 + $150,000 - $50,000 = $400,000

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