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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Definitions:

Bema

is a raised platform within a church or synagogue, used primarily for readings and sermons, highlighting its importance in religious ceremonies.

Nave

The central area of an ancient Roman basilica or of a church, demarcated from aisles by piers or columns.

Sarcophagus

A stone coffin, typically adorned with sculptures and inscriptions, used in ancient times for burying the dead.

Santa Maria Antiqua

Santa Maria Antiqua is an early Christian church located in the Roman Forum, notable for its significant collection of Byzantine art and frescoes from the 6th to 9th centuries.