A firm began operations on January 1, 2006. Revenues for the year ended December 31, 2006 were $506,000, and revenues for the year ended December 31, 2007 were $1,144,000. Expenses for the year ended December 31, 2006 were $250,800, and for the year ended December 31, 2007, expenses were $517,000. Dividends for 2006 were $70,400, and for 2007 dividends were $167,200. What was the balance in Retained Earnings at the end of each of the years?
| |
2006
|
2007
|
|
a.
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$255,200
|
$459,800
|
|
b.
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$184,800
|
$644,600
|
|
c.
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$255,200
|
$644,600
|
|
d.
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$184,800
|
$627,000
|
|
e.
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$255,200
|
$627,000
|