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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 Paid 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

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 Paid 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

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 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
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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