Question
On January 1, 2018, Bull Frog Light Corporation had the following account balances: assets of $900,000, liabilities of $250,000, retained earnings of $120,000, revenues of
On January 1, 2018, Bull Frog Light Corporation had the following account balances: assets of $900,000, liabilities of $250,000, retained earnings of $120,000, revenues of $300,000, expenses of $200,000, and dividends of $20,000. What will the ending balance of retained earnings be on December 31, 2018.
| A. | credit of $220,000. | |
| B. | $200,000 | |
| C. | $650,000. | |
| D. | $100,000. |
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Financial Accounting Tools For Business Decision Making
Authors: Paul D. Kimmel
4th Canadian Edition
0470155353, 978-0470155356
