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Question 1: Southlake Properties had sales of $40 million and net income of $2 million in FY2019. The firm declared and paid a dividend of $1.5 million. At the beginning of FY2019 the balance for retained earnings was $4 million.
Continuing with Southlake Properties assume that rather than having the $1.5 million dividend declared and paid in FY2019, that no dividends were paid in FY2019 and that the dividends declared in FY2019 were actually paid in FY2020. What amount should appear for retained earnings in Southlake's FY2019 year end balance sheet?
Group of answer choices
Option 1: $4.5 million
Option 2: $2 million
Option 3: $1.5 million
Option 4: $4 million
Option 5: $6 million
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