The balance in Retained Earnings at the end of 2020 was $75,000. The balance in Retained Earning at the end of2021 was $83,000. If the profit for 2021 was $25,00o, how much were the dividends declared?$ 8,000$ 25,000$ 17,000O $ 33,000

Solution: The amount of dividends being declared is as follows: Particulars Amount($) Opening…

Answered: The balance in Retained Earnings at the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The balance in Retained Earnings at the end of 2020 was $75,000. The balance in Retained Earning at the end of 2021 was $83,000. If the profit for 2021 was $25,00o, how much were the dividends declared? $ 8,000 $ 25,000 $ 17,000 O $ 33,000