Lansing Limited Had a Beginning Balance in Its Retained Earnings

question 154

Multiple Choice

Lansing Limited had a beginning balance in its Retained Earnings account of $385,600.During the year,the company declared and paid a $4,700 dividend,and at the end of the year,it reported Retained Earnings of $399,860.The company's net income for the year was:

• A) $14,260.
• B) $18,960.
• C) $9,560.
• D) $0.

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Definitions:

Lessor

(1) A person who transfers the right to possession and use of goods under a lease. (2) The owner of a rental property. Also called landlord.

Lessee

(1) A person who acquires the right to possession and use of goods under a lease. (2) The party who assumes temporary ownership of a rental property. Also called tenant.

Federal Law

Legislation enacted by the national government of a country that applies to all of its states or territories.

Lease Term

The duration of a lease agreement, specifying the start and end date, during which the lessee has the right to use the leased property.