Grass Gadgets Had Sales of $30 Million and Net Income

question 29

Multiple Choice

Grass Gadgets had sales of $30 million and net income of $2 million in 2008.Grass paid a dividend of $1.5 million.Assuming that their beginning balance for retained earnings was $3 million,calculate their ending balance for retained earnings.

• A)$2.5 million
• B)$3 million
• C)$3.5 million
• D)$4 million

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