Question: Week 5 Practice Quiz Total points 12 . 1. The company has net income for the year of $110,000. The balance in Retained Earnings at

Week 5 Practice Quiz Total points 12 . 1. The company has net income for the year of $110,000. The balance in Retained Earnings at the beginning of the year is $70,000. The company declared dividends of $50,000 during the year. What is the ending balance in Retained Earnings? Hint: you may find it helpful to use a t-account as you work through this question O $180,000 $60,000 O 510,000 $130,000

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