Denmark Inc

question 67

Multiple Choice

Denmark Inc.is preparing a statement of stockholders' equity for 2019.On January 1,2019,Denmark started the year with a $100,000 credit balance in its retained earnings account.During 2019,the company earned net income of $70,000 and declared dividends of $10,000.Also,the company received cash of $15,000 as an additional investment by its owners.What is the balance in retained earnings on December 31,2019?

• A)$100,000.
• B)$170,000.
• C)$175,000.
• D)$160,000.

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