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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.

image text in transcribed
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

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