The Hastco Company had the following balances in their stockholders’ equity accounts as of December 31, 2010: Paid-in Capital: $53,000 Retained…
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The Hastco Company had the following balances in their stockholders’ equity accounts as of December 31, 2010:
Paid-in Capital: $53,000
Retained Earnings: $31,000
During the year ended December 31, 2010, the Hastco Company generated $36,000 in net income, and declared and paid $16,000 in Dividends. The ending balance in the retained earnings account at
December 31, 2009
was:
a) $11,000
b) $37,000
c) $5,000
d) $61,000
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