Question
Bonita Industries started the year with $52800 in its Common Stock account and a credit balance in Retained Earnings of $38700. During the year, the
Bonita Industries started the year with $52800 in its Common Stock account and a credit balance in Retained Earnings of $38700. During the year, the company earned net income of $42200, and declared and paid $17600 of dividends. In addition, the company sold additional common stock amounting to $24600. As a result, the balance in retained earnings at the end of the year would be
a. $140700.
b. $116100.
c. $63300.
d. $87900.
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Survey of Accounting
Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi
3rd Edition
978-1259683794, 77490835, 1259683796, 9780077490836, 978-0078110856
