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Salalah company is in the process of financial forecasting for the next year. The companys...

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Accounting

Salalah company is in the process of financial forecasting for the next year. The companys balance sheet shows a retained earnings of 700 in the last year and forecasted income statement showed a net profit of 400. The management had decided to distribute 30% of the profit as dividend.

According to the information above, which of the following would be the retained earnings in the forecasted balance sheet?

Select one:

a. 1100

b. 980

c. 700

d. 1120

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