Question
The following information was taken from the records of Valentine Corporation for the year ended December 31, 2016. Advertising expense $40,000 Income tax expense 26,000
The following information was taken from the records of Valentine Corporation for the year ended December 31, 2016.
| Advertising expense | $40,000 |
| Income tax expense | 26,000 |
| Accounts payable | 26,900 |
| Dividends paid | 30,000 |
| Retained earnings (Jan 1, 2016) | 115,720 |
| Consulting fees revenue | 200,000 |
| Rent expense | 23,400 |
| Supplies expense | 33,800 |
The retained earnings reported by Valentine Corporation as of December 31, 2016 is:
| A. | $158,490 | |
| B. | $111,590 | |
| C. | $162,520 | |
| D. | $158,090 |
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Performance Audit Program Auditing Is A Systemic Process
Authors: Reina Mercedes Pérez Aguila, Yoandra González García
1st Edition
6205775697, 978-6205775691
