Use the information below for Focal Point Corp for 2016 and 2017 to answer the following question. Retained earnings, December 31, 2016 $300,000 Retained earnings, December 31, 2017 345,000 Dividends payable, December 31, 2016 19,000 Dividends payable, December 31, 2017 29,000 Net income—2017 150,000 Assume that there were no retained earnings transactions other than those dealing with
dividends and net income. How much dividends did Focal Point declare during 2017?
a. $95,000
b. $105,000
c. $140,000
d. $150,000
b
Business
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The purchase of goods and services as they are needed, usually at prevailing market prices is referred to as
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