Statement of Retained Earnings Jamaican Ice Cream Corp

question 92

Multiple Choice

Statement of Retained Earnings Jamaican Ice Cream Corp.started the year with a balance of retained earnings of $100 million.The company reported net income for the year of $45 million,paid dividends of $2 million to the preferred stock holders and $15 million to common stock holders.What is Jamaican Ice Cream's end of year balance in retained earnings?

• A)$38 million
• B)$55 million
• C)$128 million
• D)$162 million

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