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On January 1, Year One, XYZ Company was started when owners contributed $100,000 cash to start operations. During the first year, the company earned a
On January 1, Year One, XYZ Company was started when owners contributed $100,000 cash to start operations. During the first year, the company earned a reported net income of $23,000 and paid a $2,000 dividend. During the second year, the company earned another $31,000 and paid a $5,000 dividend. What is reported on the company's balance sheet as the total retained earnings at the end of Year Two? Select one: $47,000 $154,000 $61,000 $54,000 $147,000 $44,000
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