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At the beginning of the year, a company's balance sheet reported the following balances: Total Assets $225,000; Total Liabilities $27,000, Common Stock of $63,000;
At the beginning of the year, a company's balance sheet reported the following balances: Total Assets $225,000; Total Liabilities $27,000, Common Stock of $63,000; and Retained Earnings $135,000. During the year, the company reported revenues of $55,000 and expenses of $36,000. In addition, dividends for the year totaled $24,000. Assuming no other changes to Retained earnings, the balance in the Retained earnings account at the end of the year would be Multiple Choice O O $140,000 $79,000 O $178.000 $130,000 $5,000
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