14. Equitable, Inc. issued no new common stock and had 100,000 shares issued and

Question

14. Equitable, Inc. issued no new common stock and had 100,000 shares issued and outstanding during 2011. The following information is taken from Equitable's accounting records.
Net income for the year ended, December 31, 2011$370,000
Retained earnings, December 31, 2010$280,000
Retained earnings, December 31, 2011$360,000
Total shareholders' equity at December 31, 2011$725,000
What was the dividend declared during the year ended December 31, 2011? (Points : 2)
A. $290,000
B. $365,000
C. $725,000
D. $360,000

Explanation / Answer

$360,000 = $280,000 + $370,000 -dividend dividend = $290,000 A. $290,000

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