At the beginning of the current year, Soron Corporation had 200,000 shares of $1 par common stock outstanding and had earnings of $4,800,000. During the year, the company earned $1,675,000 and paid a year-end cash dividend of $3 per share. What was Soron Corporation's retained earnings at the end of the year? A. $6,275,000. B. $5,875,000. C. $6,475,000. D. $4,800,000

At the beginning of the current year, Soron Corporation had 200,000 shares of $1 par common stock outstanding and had earnings of $4,800,000. During the year, the company earned $1,675,000 and paid a year-end cash dividend of $3 per share. What was Soron Corporation's retained earnings at the end of the year? A. $6,275,000. B. $5,875,000. C. $6,475,000. D. $4,800,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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