Solution: Retained earnings had a beginning balance of $40,000 and a post closing balance of $65,000. If net income was $37,000, dividends for the year were a) $68,000 b) $62,000 c) $12,000 d) $68,000

Problem

Retained earnings had a beginning balance of $40,000 and a post closing balance of $65,000. If net income was $37,000, dividends for the year were

a) $68,000

b) $62,000

c) $12,000

d) $68,000