QUESTION 10 A liability for a dividend does not exist until the directors declare a dividend. True O False QUESTION 11 A company had a beginning balance in retained earnings of $430,000. It had net income of 560.000 and paid out cash dividends of $56.250 in the current period. The ending balance in retained earnings equals: O $433.750. O $116.250. O $490,000 O $546.250. O $426,250