During 2016,JLK Ltd earned revenue of $2000 and a net profit of $500.Dividends of $400 were declared.At 1 January 2016,the balance of retained profits was $890,assets were $3800 and liabilities were $1500.What was the balance of JLK Ltd's retained profits at 31 December 2016?
A) $790
B) $890
C) $990
D) $2490

Question

Quizplus · Accepted Answer

Retained Profits at the beginning of the year: $890
Add Net Profit for the year: $500
Total: $1390
Less Dividends Declared: $400
Retained profits at the end of the year: $1390 - $400 = $990

During 2016,JLK Ltd Earned Revenue of $2000 and a Net