The Dauphin Company was started by a group of investors on January 1, 20X0, when...
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Accounting
The Dauphin Company was started by a group of investors on January 1, 20X0, when the balance sheet was made up of total assets of $10,000 and total liabilities of $7,000. Partial financial data for the first year of operations is as follows: Total assets at 12/31/X0 = $20,000; Total liabilities at 12/31/X0 = $10,000; Additional investments by owners during X0 = $3,000; Cash dividends declared = $2,000. Cash dividends paid = $1,500. What was the retained earnings balance at 12/31/X0?
A. $2,000
B. $3,000
C. $4,000
D. $5,000
E. $6,000
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