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
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Principles of Financial Accounting chapters 1-17
Authors: John Wild, Ken Shaw, Barbara Chiappetta
23rd edition
1259687740, 1259687747, 978-1259687747
