C CoReported a Retained Earnings Balance of $200,000 at December 31,2015

question 14

Multiple Choice

C Co.reported a retained earnings balance of $200,000 at December 31,2015.In September 2016,C determined that insurance premiums of $30,000 for the three-year period beginning January 1,2015,had been paid and fully expensed in 2015.C has a 30% income tax rate.What amount should C report as adjusted beginning retained earnings in its 2016 statement of retained earnings?

• A)$210,000.
• B)$214,000.
• C)$220,000.
• D)$221,000.

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Specific powers granted to the United States Congress by the Constitution, including the authority to coin money, regulate commerce, and declare war.

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A section of the United States Constitution that outlines the powers of Congress, including taxation, borrowing money, regulating commerce, and declaring war.

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