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Determine the Retained Earnings balance on December 31, 2015 based on the following: 2014 Revenues:  $1,500,000  2016 Revenues: $1,800,000 Retained Earnings Balance (December 31, 2014): $380,000 2015 Expenses: $1,200,000 Total Liabilities: $285,000 Total Current Asset: $900,000 Dividend rate: 20% of net income. A : $620,000  B : $1,280,000  C : $500,000  D : $860,000

Determine the Retained Earnings balance on December 31, 2015 based on the following: 2014 Revenues:  $1,500,000  2016 Revenues: $1,800,000 Retained Earnings Balance (December 31, 2014): $380,000 2015 Expenses: $1,200,000 Total Liabilities: $285,000 Total Current Asset: $900,000 Dividend rate: 20% of net income. A : $620,000  B : $1,280,000  C : $500,000  D : $860,000

FINANCIAL ACCOUNTING
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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Determine the Retained Earnings balance on December 31, 2015 based on the following:

2014 Revenues:  $1,500,000 

2016 Revenues: $1,800,000

Retained Earnings Balance (December 31, 2014): $380,000

2015 Expenses: $1,200,000

Total Liabilities: $285,000

Total Current Asset: $900,000

Dividend rate: 20% of net income.
  • A : $620,000 


  • B : $1,280,000 


  • C : $500,000 


  • D : $860,000 
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