The Following Was Abstracted from the Accounts of the Anderson

question 168

Multiple Choice

The following was abstracted from the accounts of the Anderson Corp.at year-end: Total income since incorporation ..........$420,000
Total cash dividends paid ...........130,000
Proceeds from sale of donated stock ............45,000
Total value of stock dividends distributed ........30,000
Excess of proceeds over cost of treasury stock sold ...70,000
What should be the current balance of Retained Earnings?

• A)$260,000
• B)$290,000
• C)$305,000
• D)$335,000
• E)None of these answers is correct.