Answer:
Option (D) is correct.
Explanation:
Given that,
Beginning retained earnings = $300,000
Income tax expense = $60,000
Ending retained earnings = $320,000
Cash dividends declared = $80,000
Net income:
= Increase in Retained Earnings + Dividend Declared
= (Ending Retained Earnings - Beginning Retained Earnings) + Dividend Declared
= ($320,000 - $300,000) + $80,000
= $20,000 + $80,000
= $100,000
I will get to work on your questions right now!
Hargrave professional group performs legal services on account. The effect of this transaction on the balance sheet equation for Hargrave is Increase in assets.
<h3>What is Asset?</h3>
An asset is considered a resource of the business which has an economic value in the future of the business and helps business activities to take place smoothly.
Hargrave professional group performs legal services on account which reflects the Buying and sales of goods and services on credit. So this refers to the incoming cash in the business which indicates the effect of this transaction on the balance sheet equation for Hargrave is an Increase in assets.
Learn more about Asset, here:
brainly.com/question/14404094
#SPJ4
