At the start of the month, a corporation reported retained earnings of $154,000. During the month,...
At the start of the month, a corporation reported retained earnings of $154,000. During the month, it incurred expenses of $10,000, earned revenues of $25,000, received $9,000 of cash from stockholders in exchange for additional common stock, and paid dividends of $6,000. What is the balance in retained earnings at the end of the month?
a. $166,000 debit
b. $179,000 debit
c. $160,000 credit
d. $163,000 credit
e. $184,000 credit
Homework Answers
| Beginning retained earnings | $154,000 |
| + Net income (25,000-10,000) | 15,000 |
| - Dividends paid | (6,000) |
| Ending retained earnings | 163,000 |
.
Option D is the answer
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