Question
Corporation Adjusted Trial Balance For the Year Ending December 31, 2021 Debit Credit Cash $ 57,000 Accounts receivable 72,000 Equipment 490,000 Accumulated depreciation $ 85,000
| Corporation Adjusted Trial Balance For the Year Ending December 31, 2021 | ||
|
| Debit | Credit |
| Cash | $ 57,000 |
|
| Accounts receivable | 72,000 |
|
| Equipment | 490,000 |
|
| Accumulated depreciation |
| $ 85,000 |
| Loan payable |
| 145,000 |
| Common stock |
| 250,000 |
| Retained earnings |
| 119,500 |
| Sales revenue |
| 460,000 |
| Utilities expense | 15,000 |
|
| Salaries expense | 405,500 |
|
| Depreciation expense | 20,000 | 0 |
| Totals | $1,059,500 | $1,059,500 |
What amount should Corporation report on its December 31, 2021 balance sheet for retained earnings?
|
| A. | $100,000 |
|
| B. | $139,000 |
|
| C. | $119,500 |
|
| D. | $389,000 |
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Management Accounting Information for Decision-Making and Strategy Execution
Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young
6th Edition
137024975, 978-0137024971
