Net income for the period was 245,000. The retained earnings account had a beginning balance of 25,000. If the company paid dividends of 15,000 during the year, what is the ending balance in retained earnings? 245,000 10,000 230,000 255,000 25,000 IDONT KNOWYEF

Here's how to calculate the ending retained earnings:<br /><br />* **Beginning Retained Earnings:** $25,000<br />* **Add: Net Income:** $245,000<br />* **Subtract: Dividends:** $15,000<br />* **Ending Retained Earnings:** $255,000<br /><br />Therefore, the correct answer is $\boxed{\$255,000}$.<br />