Question
Below are accounts and ending balances as of 12/31/2020 from the adjusted trial balance of Ollivanders, Inc. Assume all accounts have their normal debit or
Below are accounts and ending balances as of 12/31/2020 from the adjusted trial balance of Ollivanders, Inc. Assume all accounts have their normal debit or credit balance. The firm has a monthly accounting period, and all revenue, expense, and dividends account balances are for the month ended 12/31/2020.
Cash | $109,821 |
| Common Stock | $875 |
Accounts Receivable | $133,450 |
| Additional Paid-in Capital | $16,448 |
Prepaid Rent | $4,000 |
| Retained Earnings | $176,363 |
Inventory | $89,355 |
| Sales Revenue | $395,613 |
Equipment | $250,000 |
| Cost of Goods Sold | $188,340 |
Accumulated Depreciation-Equipment | $150,000 |
| Wages Expense | $62,000 |
Accounts Payable | $128,107 |
| Interest Expense | $1,000 |
Wages Payable | $12,000 |
| Depreciation Expense | $50,000 |
Interest Payable | $750 |
| Rent Expense | $2,000 |
Notes Payable | $10,000 |
| Dividends | $190 |
What is ending balance of Retained Earnings that would appear on the firms balance sheet as of December 31, 2020?
Group of answer choices
$176,363
$92,083
$268,636
$268,446
$92,273
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