Double Company Has the Following Data Available What Is the Balance in Retained Earnings on December 31,2015

question 137

Multiple Choice

Double Company has the following data available:
$\begin{array} { l } \text {Dividends declared in 201 }&\$8,000 \\ \text {Retained Earnings, December 31, 2014 }&\$30,000 \\ \text {Net income for the year ended December 31,2015 }&\$ 14,000\\ \text {Paid-in Capital, December 31, 2014 }&\$29,000 \\ \text {Paid-in Capital, December 31, 2015 }&\$ 26,000\\\end{array}$

What is the balance in Retained Earnings on December 31,2015?

• A) $2,000
• B) $24,000
• C) $36,000
• D) $44,000

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