At the end of the current fiscal year, ABC Corporation had the following balances:
Assets $50,000
Common Stock $30,000
Dividends Declared $ 5,000
Expenses $75,000
Liabilities $20,000
Revenues $90,000
What is the increase (or decrease) to Retained Earnings? Support your answer with well labeled computations.
The following accounts affect Retained Earnings:
Revenues $90,000
Expenses (75,000)
Dividends Declared (5,000)
Increase in Retained Earnings $10,000
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Indicate whether the statement is true or false