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Vik Incorporated has the following information: opening retained earnings $65,000, revenues for the year $42,000, dividends declared of $15,000, and closing retained earnings of $67,000. What was the amount of expenses for the year? O $65,000 O $25,000 O $29,000 O $55,000

Vik Incorporated has the following information: opening retained earnings $65,000, revenues for the year $42,000, dividends declared of $15,000, and closing retained earnings of $67,000. What was the amount of expenses for the year? O $65,000 O $25,000 O $29,000 O $55,000

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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Vik Incorporated has the following information: opening retained earnings $65,000, revenues for the year $42,000, dividends declared of $15,000, and closing retained earnings of $67,000. What was the amount of expenses for the year? O $65,000 O $25,000 O $29,000 O $55,000
Transcribed Image Text:Vik Incorporated has the following information: opening retained earnings $65,000, revenues for the year $42,000, dividends declared of $15,000, and closing retained earnings of $67,000. What was the amount of expenses for the year? O $65,000 O $25,000 O $29,000 O $55,000
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