On January 1, 20X2, Grover Inc

question 50

Multiple Choice

On January 1, 20X2, Grover Inc., started the year with a $22,000 credit balance in its retained earnings account. During 20X2, the company earned profit of $40,000 and declared and paid dividends of $10,000. Also, the company received cash of $15,000 as an additional investment by its owners. Therefore, the balance in retained earnings on December 31, 20X2, would be which of the following?

• A) $42,000.
• B) $52,000.
• C) $57,000.
• D) $67,000.

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