Question - A company's retained earnings on Dec. 31st, 2009 to 2013 is as follows
Retained Earnings
2009 $15,000
2010 $18,000
2011 $16,000
2012 $21,000
2013 $25,000
On the Pro-forma income statement for 2014, the net income is $10,000. The expected dividends to be paid in 2014 is $3,500. What is the projected retained earnings on Dec. 31st, 2014?
1) $15,000
2) $18,500
3) $31,500
4) $35,000