Question
Sunland Co. had retained earnings of $34200 on the balance sheet but disclosed in the footnotes that $3400 of retained earnings was restricted for
Sunland Co. had retained earnings of $34200 on the balance sheet but disclosed in the footnotes that $3400 of retained earnings was restricted for building expansion and $2400 was restricted for bond repayments. Cash of $4200 had been set aside for the plant expansion. How much of retained earnings is available for dividends? O $30800 O $34200 O $24200 O $28400
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Solution The correct answer is option D 28400 Explanation 5800 of the retained earnings is ...Get Instant Access to Expert-Tailored Solutions
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Financial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
7th Edition
978-0470477151, 978-0-470-5562, 470556242, 0-470-55624-2, 9780470556245, 978-0470507018
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