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Given the following information, what are the retained earnings in 20X9?
Given the following information, what are the retained earnings in 20X9?
Select one:
a. -$11,500
b. $45,000
c. $53,500
d. $108,342
e. $353,000
Solutions
Expert Solution
The right option is (c).
Explanation:
Notes:
The following is the calculation of retained earnings:
| Cash | 90,000 | |
| A/R | 86,250 | |
| Inventories | 132,250 | |
| Net Fixed Assets | 450,000 | |
| Total assets | 758,500 | |
| less:Liabilities | ||
| A/P | 100,000 | |
| N/P | 45,000 | |
| LTD | 260,000 | |
| C.S | 300,000 | |
| Total liabilities | (705,000) | |
| Retained earnings (758,500-705,000) | 53,500 |
Hence, c. $53,500 is right option.
Hence, c. $53,500 is right option.
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