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Compute the retained earnings amount

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Question - Before closing the revenue and expense accounts for the month of June ABC Company's Retained Earnings Account had a $50,000 credit balance. ABC's Net Income for June was $20,000. ABC declared and paid a $5,000 dividend in June. The June beginning balance in ABC's Cash Account was $35,000 and the June ending balance in the Cash Account was $25,000. The Retained Earnings amount shown on ABC's June 30th Balance Sheet should be:

a) 75,000

b) 65,000

c) 70,000

d) none of the above

e) 55,000

Reference no: EM132130229

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