Statement of Retained Earnings TriCycle, Corp

question 61

Multiple Choice

Statement of Retained Earnings TriCycle, Corp. began the year 2008 with $25 million in retained earnings. The firm earned net income of $7 million in 2008 and paid $1 million to its preferred stockholders and $3 million to its common stockholders. What is the year-end 2008 balance in retained earnings for TriCycle?

• A) $25 million
• B) $28 million
• C) $32 million
• D) $36 million

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