At the Beginning of Year 2, X Company Had Assets

question 110

Multiple Choice

At the beginning of Year 2, X Company had assets of $300, liabilities of $150, and common stock of $50. During Year 2, the company earned revenue of $500, incurred expenses of $200, and paid dividends of $50. All transactions were cash transactionsThe amount of retained earnings reported on X Company's December 31, Year 2 balance sheet would be

• A) $100
• B) $250
• C) $350
• D) None of these answers are correct.

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