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on its 2004 balance sheet, Sherman Books showed a balance of retained earnings e

ID: 2701447 • Letter: O

Question

on its 2004 balance sheet, Sherman Books showed a balance of retained earnings equal to $510 million. On its 2005 balance sheet the balance of retqined earnings was also equal to $510 million. Which of the following statements is most correct?

A. if the company's net income in 2005 was $200 million, dividends paid must have also equaled $200 million

B. the company must have had a net income equal to zero in 2005

C. the company did not pay a dividend in 2005

D. if the company lost money in 2005, they must have paid a dividend

Explanation / Answer

C. the company did not pay a dividend in 2005

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