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Question
The statement of retained earnings for Redwood Systems Ltd. shows a retained earnings balance of $300 million on December 31. During the year, Redwood generated net income of $60 million and paid dividends of $20 million to its stockholders. What was the beginning balance of retained earnings at the start of this year?
a. $300 million
b. $260 million
c. $380 million
d. $340 million
e. $220 million
Answer
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Related questions
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