At the Beginning of the Current Year Duke Company Had

question 107

Multiple Choice

At the beginning of the current year Duke Company had the following balances in their stockholders' equity accounts as of December 31, 20X5: Paid- in capital $43,000
Retained earnings 27,000
During the year ended December 31, 20X6, Duke Company generated $35,400 in net income, and declared and paid $12,000 in dividends. The ending balance in the Retained Earnings account at December 31, 20X6 is:

• A) $27,000
• B) $66,400
• C) $23,400
• D) $50,400

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Definitions:

Legal Responsibility

The obligation to act according to the law and be subject to legal penalties for failure to do so.

Child Abuse

Any form of physical, emotional, sexual maltreatment or neglect of a child by a parent, caregiver, or another person that results in harm or potential harm.

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Cognitive Impairment

A decline in memory, decision-making, attention, and other cognitive functions, affecting day-to-day activities.