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A corpor account balances at December 31, 2019: Accounts Payable $30,000 Building 67,000 Accounts 45,000 Receivable Bank Loan 65,000 Cash 30,000 Common Stock 5,000 Equipment 23,000 Land 13,000

A corpor account balances at December 31, 2019: Accounts Payable $30,000 Building 67,000 Accounts 45,000 Receivable Bank Loan 65,000 Cash 30,000 Common Stock 5,000 Equipment 23,000 Land 13,000

FINANCIAL ACCOUNTING
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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A corporation commences operations on January 1, 2019. It has the following account balances at December 31, 2019: Accounts Payable $30,000 Building 67,000 Accounts 45,000 Receivable Bank Loan 65,000 Cash 30,000 Common Stock 5,000 Equipment 23,000 Land 13,000 Unused Supplies 3,000 Net Income 29,000 No dividends were paid. Calculate retained earnings at December 31, 2019. $52,000 $6,000 $29,000 $100,000 O O
Transcribed Image Text:A corporation commences operations on January 1, 2019. It has the following account balances at December 31, 2019: Accounts Payable $30,000 Building 67,000 Accounts 45,000 Receivable Bank Loan 65,000 Cash 30,000 Common Stock 5,000 Equipment 23,000 Land 13,000 Unused Supplies 3,000 Net Income 29,000 No dividends were paid. Calculate retained earnings at December 31, 2019. $52,000 $6,000 $29,000 $100,000 O O
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