The following information is reported for Thompson Enterprises at the end of 2023: • Accounts Receivable: $30,000 • Accounts Payable: $15,000 • • • • Supplies Inventory: $12,000 Cash: $10,000 Equipment: $160,000 Common Stock: $120,000 Compute the amount of retained earnings at the end of 2023.
The following information is reported for Thompson Enterprises at the end of 2023: • Accounts Receivable: $30,000 • Accounts Payable: $15,000 • • • • Supplies Inventory: $12,000 Cash: $10,000 Equipment: $160,000 Common Stock: $120,000 Compute the amount of retained earnings at the end of 2023.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 3MC: Prince Corporations accounts provided the following information at December 31, 2019: What should be...
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Transcribed Image Text:The following information is reported for Thompson Enterprises at
the end of 2023:
•
Accounts Receivable: $30,000
•
Accounts Payable: $15,000
•
•
•
•
Supplies Inventory: $12,000
Cash: $10,000
Equipment: $160,000
Common Stock: $120,000
Compute the amount of retained earnings at the end of 2023.
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