The Following Items Are Taken from the Financial Statements of the Postal

question 10

Multiple Choice

The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2018: $\begin{array}{lr}\text { Accounts payable } & 18,000 \\\text { Accounts receivable } & 11,000 \\\text { Accumulated depreciation - equipment } & 28,000 \\\text { Advertising expense } & 21,000 \\\text { Cash } & 15,000 \\\text { Common stock } & 42,000 \\\text { Dividends } & 14,000 \\\text { Depreciation expense } & 12,000 \\\text { Insurance expense } & 3,000 \\\text { Note payable, due 6/30/19 } & 70,000\\\text { Prepaid insurance (12-month policy) } & 6,000 \\\text { Rent expense } & 17,000 \\\text { Retained earnings (1/1/18) } & 60,000 \\\text { Salaries and wages expense } & 32,000 \\\text { Service revenue } & 133,000 \\\text { Supplies } & 4,000 \\\text { Supplies expense } & 6,000 \\\text { Equinment } & 210,000\end{array}$ What is the amount that would be reported for stockholders' equity at December 31, 2018?

• A) $158,000
• B) $144,000
• C) $130,000
• D) $102,000

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