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Find what is the balance in spector inc retained earnings

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Reference no: EM132578399

You have been given the following information for Spector Inc.:

  • Retained earnings as at January 1, 20X7, were $50,000.
  • The statement of comprehensive income for the year ended December 31, 20X7, reported comprehensive income of $12,000 comprising net income of $5,000 and other comprehensive income of $7,000.
  • Spector paid out $30,000 in cash dividends during the 20X7 fiscal year. Its dividend payable account increased by $3,000.

Question 1: What is the balance in Spector Inc.'s retained earnings account as at December 31, 20X7?

Option 1: $22,000

Option 2: $25,000

Option 3: $28,000

Option 4: $29,000

Reference no: EM132578399

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