Below Are Several Accounts from Norel Company's Accounting Records The Amount of Retained Earnings at the End of the

question 21

Multiple Choice

Below are several accounts from Norel Company's accounting records.
$\begin{array}{lr}\text { Total assets, end of year } & \$ 115,000 \\\text { Total liabilities, end of year } & 36,000 \\\text { Contributed capital, end of year } & 12,000 \\\text { Retained earnings, beginning of year } & 23,000 \\\text { Dividends for the period } & 31,000 \\\text { Net income } & 75,000\end{array}$
The amount of retained earnings at the end of the year is:

• A)$39,000.
• B)$45,000.
• C)$67,000.
• D)$69,000.

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Definitions:

Sex-linked Chromosomal Abnormalities

Genetic disorders that are determined by the genes located on the sex chromosomes (X or Y).

Cystic Fibrosis

A genetic disorder that affects the lungs and digestive system, characterized by thick mucus production.

Dominant Allele

A dominant allele is a variation of a gene that will express its trait over another variant, known as the recessive allele, when present in a pair.

Recessive Allele

A variant of a gene that must be inherited from both parents to be expressed in the offspring, in contrast to a dominant allele.