Question
On 1 January 2020 the balance in Canada Ltds retained earnings account was $200 000. The balance on 31 December 2020 was $400 000. On
On 1 January 2020 the balance in Canada Ltds retained earnings account was $200 000. The balance on 31 December 2020 was $400 000. On 10 December 2020 dividends of $200 000 were declared payable on 31 January 2021. Assuming all closing entries have been completed the profit for 2020 was:
Select one:
a. $200 000
b. $400 000
c. $0
d. $600 000
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College Accounting Chapters 1-30
Authors: John Price, M. David Haddock, Michael Farina
14th edition
978-1259284861, 1259284867, 77862392, 978-0077862398
