Question
Phillips Camera Store had a Retained Earnings balance of $1,000 on January 1, 2010. For the year 2010, sales were $10,500 and expenses were $6,500.
Phillips Camera Store had a Retained Earnings balance of $1,000 on January 1, 2010. For the year 2010, sales were $10,500 and expenses were $6,500. Cash dividends of $1,500 were paid on December 15, 2010. What was the amount of Retained Earnings on December 31, 2010?
A.$4,000.
B.$5,000.
C.$3,500.
D.$2,500
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Financial Accounting
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
7th Edition
1118725786, 978-1118725788
