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Lorna Company is a new company with a beginning retained earnings balance of zero. It has the following account balances at the end of the first year of operations: $37,000 $100,000 $13,000 $9,000 $12,000 $9,000 Accounts Payable Revenues Salaries Expense Dividends Utilities Expense Advertising Expense Short-term Investments Cash Land Common Stock $20,000 $82,000 OA. $75,000 O B. $25,000 OC. $66,000 D. $57,000 $50,000 $58,000 What is the ending balance in Retained Earnings?

Lorna Company is a new company with a beginning retained earnings balance of zero. It has the following account balances at the end of the first year of operations: $37,000 $100,000 $13,000 $9,000 $12,000 $9,000 Accounts Payable Revenues Salaries Expense Dividends Utilities Expense Advertising Expense Short-term Investments Cash Land Common Stock $20,000 $82,000 OA. $75,000 O B. $25,000 OC. $66,000 D. $57,000 $50,000 $58,000 What is the ending balance in Retained Earnings?

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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Lorna Company is a new company with a beginning retained earnings balance of zero. It has the following account balances at the end of the first year of operations: $37,000 $100,000 $13,000 $9,000 $12,000 $9,000 Accounts Payable Revenues Salaries Expense Dividends Utilities Expense Advertising Expense Short-term Investments Cash Land Common Stock $20,000 $82,000 OA. $75,000 O B. $25,000 OC. $66,000 D. $57,000 $50,000 $58,000 What is the ending balance in Retained Earnings?
Transcribed Image Text:Lorna Company is a new company with a beginning retained earnings balance of zero. It has the following account balances at the end of the first year of operations: $37,000 $100,000 $13,000 $9,000 $12,000 $9,000 Accounts Payable Revenues Salaries Expense Dividends Utilities Expense Advertising Expense Short-term Investments Cash Land Common Stock $20,000 $82,000 OA. $75,000 O B. $25,000 OC. $66,000 D. $57,000 $50,000 $58,000 What is the ending balance in Retained Earnings?
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