Multiple Choice Question 119 Marigold Corp. began the year with retained earnings of $407000. During the...

Question

Question

Answer 1

Answer #1

Ans. Option 1st $487,500

Working Notes:

*Calculation of net income:

Net income = Revenues - Expenses

= $502,000 - $382,000

= $120,000

*Calculation for the ending balance of retained earnings:

Beginning balance. $407,000

Add: Net income. $120,000

Less: Dividends paid. -$39,500

Ending balance. $487,500

Answer 2

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