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The Hastco Company had the following balances in their stockholders' equity accounts as of December 31, 2000:

Paid-in Capital: $53,000
Retained Earnings: $31,000

During the year ended December 31, 2000, 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, 1999 was:

a) $11,000

b) $37,000

c) $5,000

d) $61,000

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  • Category:- Accounting Basics
  • Reference No.:- M941202

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