Selected account balances from the two companies’ individual records were as follows:                                                  Phoenix          Sedona 2018 Revenues                       $498,000         $285,000 2018 Expenses                        350,000           195,000 2018 Income from Sedona     55,000             Retained earnings 12/31/18    250,000           175,000 What is Phoenix’s consolidated retained earnings balance at December 31, 2018? $250,000 $290,000 $330,000 $360,000

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Selected account balances from the two companies’ individual records were as follows:

                                                 Phoenix          Sedona

2018 Revenues                       $498,000         $285,000

2018 Expenses                        350,000           195,000

2018 Income from Sedona     55,000            

Retained earnings 12/31/18    250,000           175,000

What is Phoenix’s consolidated retained earnings balance at December 31, 2018?

  1. $250,000
  2. $290,000
  3. $330,000
  4. $360,000
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