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Use the Following Balance Sheet and Income Statement to Answer

question 9

Multiple Choice

Use the following Balance Sheet and Income Statement to answer the question. Use the following Balance Sheet and Income Statement to answer the question. If Jane Austin Bookstore paid $5,450 in dividends for 2010, what was the balance in Retained Earnings on December 31, 2009? A) $42,000 B) $58,900 C) $48,000 D) $45,000 Use the following Balance Sheet and Income Statement to answer the question. If Jane Austin Bookstore paid $5,450 in dividends for 2010, what was the balance in Retained Earnings on December 31, 2009? A) $42,000 B) $58,900 C) $48,000 D) $45,000 If Jane Austin Bookstore paid $5,450 in dividends for 2010, what was the balance in Retained Earnings on December 31, 2009?

Definitions:

Interest

The charge for borrowing money, calculated as a percentage of the amount borrowed.

Exchange Rates

The exchange value between two different currencies.

Foreign Exchange Gain

A gain resulting from the increase in value of one currency against another when the currencies are converted.

Loan Payable

A liability representing the amount of money borrowed that is yet to be repaid.

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