Retained Earnings Had a Balance on January 1, 2013, and December

question 9

Multiple Choice

Retained Earnings had a balance on January 1, 2013, and December 31, 2013, respectively, of $234,500 and $411,000. Net income for the year was $199,500 and the only other event affecting Retained Earnings was the declaration of dividends. If there was no change in the Dividends account during the year, the payments for dividends was:

• A) $23,000
• B) $176,500
• C) $376,000
• D) indeterminable from the information given

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