32. Refer to Bellingham Incorporated's December 31, 2019 Balanoe Sheet shown below.Bellingham IncorporatedBalance Sheet as of December a1, 2019AssetsCurrent AssetsCashLlabilitiesCurrent UabitlesS130,00080,000Accounts PayableNotes PayableS0,000110,000$200,000InventoryAccounts Recelvables40,000Total Current LiabilitlesTotal Current Assets$250,000Non-current LlabilitiesDebt150,000Owner's EquityNon-current AssetsPlant and Equipment (Net)Patents (Net)350,00050,000220,00080,000Common StockRetained EarningsTotal Assets$650.000Total Liahilities and Owner's Equity 5650,000Bellingham began 2019 with $240,000 in owner's equity. During the year they issued $30,000 in new commonstock and paid $10,000 in dividends. If their net income for 2019 was $40,000, what was their retained earningsbalance on December 31, 20187O $30,000$50,000O S60,000O $70,000

Retained earnings balance on December 31, 2018 = Retained earnings balance on December 31, 2019 -…

Answered: 32. Refer to Bellingham Incorporated's…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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