Jamaican Ice Cream Corp

question 117

Multiple Choice

Jamaican Ice Cream Corp. started the year with a balance of retained earnings of $100 million. The company reported net income for the year of $45 million, paid dividends of $2 million to the preferred stockholders and $15 million to common stockholders. What is Jamaican Ice Cream's end of year balance in retained earnings?

• A) $38 million
• B) $55 million
• C) $128 million
• D) $162 million