Question 7 (1 point) A company's retained earnings balance at the end of the current year is $789,590. During the year, the company had net income of $157,850, and new capital spending of $189,550. The company uses a debt-to-equity ratio of 2.65 for the capital spending and strictly adheres to a residual dividend policy. What was the retained earnings balance at the beginning of the current year? $682,334 $700,776 $719,217 $737,658 $756,100 Previous Page Next Page Page 7 of 25 MacBook Air