A Corporation Had a Net Increase in Retained Earnings of $65,000

question 114

Multiple Choice

A corporation had a net increase in retained earnings of $65,000 for the year.The corporation also paid $20,000 of cash dividends that had been declared in the previous year.This year,the corporation declared $18,000 of dividends but has not paid them as of year-end.Given this information,the net income for the current year must have been:

• A)$63,000
• B)$85,000
• C)$65,000
• D)$83,000

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Definitions:

Pedal Pulses

Pulses felt over the arteries of the feet, such as the dorsalis pedis and posterior tibial arteries, indicating blood flow.

Peripheral Circulation

The circulation of blood in the blood vessels located outside the heart and brain, often referring to the circulation in the limbs.

Ankle

A joint made up of the tibia, fibula, and talus, pivotal for supporting weight and allowing foot movements.

Superior Vena Cava

Vein that returns blood from the head and neck, upper limbs, and thorax to the right atrium.