During 2022, its first year of operations, Jane's Bakery had revenues of $130,000 and expenses of $66,000.The business paid cash dividends of $36,000.What is the balance in Retained Earnings at December 31, 2022?
A)$0
B)$36,000 debit
C)$28,000 credit
D)$64,000 credit

Question

Quizplus · Accepted Answer

Retained Earnings = Revenues - Expenses - Dividends = $130,000 - $66,000 - $36,000 = $28,000 credit.

During 2022, Its First Year of Operations, Jane's Bakery Had