Chambers Corporation Has Total Assets of $800,000 as of December

question 35

Multiple Choice

Chambers Corporation has total assets of $800,000 as of December 31, 2017 and total liabilities of $400,000. Contributed capital as of December 31, 2016 and December 31, 2017 is $150,000. Chambers Corporation incurred a $50,000 net loss for the year ended December 31, 2017. If Chambers declared and paid $80,000 in dividends in 2017, its retained earnings at the beginning of 2017 would have been.

• A)$220,000.
• B)$280,000
• C)$380,000.
• D)$440,000.

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Definitions:

Relieving Triangle

In Mycenaean architecture, the triangular opening above the lintel that serves to lighten the weight to be carried by the lintel itself.

Dromos

The passage leading to a tholos tomb.

Lintel

A horizontal support across the top of a door or window, often used in architecture to bear the weight of the structure above.

Old Palace Period

A phase in Minoan civilization, characterized by the construction of large administrative and ceremonial centers on Crete, dating from circa 1900 to 1700 BCE.