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5 November, 18:03

On January 1, 2019 Miller Corporation had retained earnings of $8,000,000. During 2019, Miller reported net income of $1,500,000, declared dividends of $500,000, and had revenues of for $10,000,000. What were Miller's retained earnings on December 31, 2019? A) $9,000,000 B) $9,500,000 C) $17,500,000 D) $7,500,000

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  1. 5 November, 20:00
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    Option (A) is correct.

    Explanation:

    Given that,

    Beginning retained earnings = $8,000,000

    Net income = $1,500,000

    Dividend paid = $500,000

    Revenues = $10,000,000

    Ending retained earnings:

    = Beginning retained earnings + Net income - Dividend paid

    = $8,000,000 + $1,500,000 - $500,000

    = $9,000,000

    Therefore, the Miller's retained earnings on December 31, 2019 is $9,000,000.
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