The net income of Hendley, Inc. for the year is $35,000. The dividends declared during the year were $43,000. Which of the following statements is true? A. Retained Earnings account decreases by $8,000. B. Retained Earnings will remain the same. C. Retained Earnings account decreases by $35,000. D. Retained Earnings account increases by $43,000.

The net income of Hendley, Inc. for the year is $35,000. The dividends declared during the year were $43,000. Which of the following statements is true? A. Retained Earnings account decreases by $8,000. B. Retained Earnings will remain the same. C. Retained Earnings account decreases by $35,000. D. Retained Earnings account increases by $43,000.

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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