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QUESTION 6 Umbrella Corporation started business operations on January 1, 2022. Net Income for 2022 was $10,000 , and the company paid no dividends in
QUESTION 6\ Umbrella Corporation started business operations on January 1, 2022. Net Income for 2022 was
$10,000
, and the company paid no dividends in 2022. During 2023, Umbrella's Net Income was
$15,000
, and the company paid
$3,000
in dividends on December 1,2023 . What will Umbrella report as Retained Earnings on December 31,2023 after the 2023 closing entries are posted? Do not include the
$
in your answer.
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