Use the Information Given Below to Answer the Following Questions

question 39

Multiple Choice

Use the information given below to answer the following questions:
Retained profits of Livermore Pty Ltd at 1 July 2011 were $5500. The accounting records for year ended 30 June 2012 showed the following information:
$$\begin{array} { l r } &\$\\\text { Revenues earned } & 35500 \\\text { Cash collected from customers } & 5700 \\\text { Expenses incurred } & 32250 \\\text { Expenses paid in cash } & 29620 \\\text { Dividends declared and paid } & 1500\end{array}$$
-What were Livermore's retained profits at 30 June 2012?

• A) $3750
• B) $7250
• C) $8750
• D) $5500.

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