Calculating Ending Retained Earnings
At the beginning of the quarter, a company had a retained earnings balance of $10,000. During the quarter, the company reported a net income of $13,000, and the owner withdrew $3,000. No dividends were declared or paid. What is the balance of the retained earnings account at the end of the quarter?
A
$20,000
B
$6,000
C
$26,000
D
$0
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