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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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.
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