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Determine the year-end retained earnings balance

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Problem 1: Dayton Corporation began the current year with a retained earnings balance of $32,000. During the year, the company corrected an error made in the prior year, which was a failure to record depreciation expense of $3,000 on equipment. Also, during the current year, the company earned net income of $12,000 and declared cash dividends of $7,000. Compute the year-end retained earnings balance.

a. $41,000

b. $34,000

c. $44,000

d. $37,000

Reference no: EM132985650

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