Question
1. Elston Company compiled the following financial information as of December 31, 2010: Sales $140,000 Common stock 30,000 Equipment 40,000 Expenses 125,000 Cash 35,000 Dividends
1. Elston Company compiled the following financial information as of December 31, 2010: Sales $140,000 Common stock 30,000 Equipment 40,000 Expenses 125,000 Cash 35,000 Dividends 10,000 Inventory 5,000 Accounts payable 20,000 Accounts receivable 15,000 Retained earnings, 1/1/10 75,000 Elstons total assets on December 31, 2010 is:
| $235,000 | ||
| $170,000 | ||
| $ 80,000 | ||
| $ 95,000 |
2.
Elston Company compiled the following financial information as of December 31, 2010: Sales $140,000 Common stock 30,000 Equipment 40,000 Expenses 125,000 Cash 35,000 Dividends 10,000 Inventory 5,000 Accounts payable 20,000 Accounts receivable 15,000 Retained earnings, 1/1/10 75,000 Elstons balance of retained earnings on December 31, 2010 is:
| $15,000 | ||
| $90,000 | ||
| $80,000 | ||
| $ 5,000 |
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