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? $65,000 $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? $65,000 $25,000 O $29,000 O $55,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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mukh

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?
$65,000
$25,000
O $29,000
O $55,000
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