FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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A corporation has the following account balances at December 31, 2019:
Accounts Payable
$2,500
Accounts Receivable
5,200
Advertising Expense
450
Cash
1,500
Common Stock
1,500
Dividends
1,000
Retained Earnings (Jan. 1)
1,690
Service Revenue
4,500
Unused Supplies
200
Wages Expense
2,200
What is the ending balance of retained earnings?
$2,540
$1,690
$3,540
$4,040
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Transcribed Image Text:A corporation has the following account balances at December 31, 2019: Accounts Payable $2,500 Accounts Receivable 5,200 Advertising Expense 450 Cash 1,500 Common Stock 1,500 Dividends 1,000 Retained Earnings (Jan. 1) 1,690 Service Revenue 4,500 Unused Supplies 200 Wages Expense 2,200 What is the ending balance of retained earnings? $2,540 $1,690 $3,540 $4,040
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