Benedict Company Compiled the Following Financial Information as of December

question 27

Multiple Choice

Benedict Company compiled the following financial information as of December 31, 2017: $$\begin{array} { l r } \text { Service revenue } & \$ 1,120,000 \\\text { Common stock } & 240,000 \\\text { Equipment } & 320,000 \\\text { Operating expenses } & 1,000,000 \\\text { Cash } & 280,000 \\\text { Dividends } & 80,000 \\\text { Supplies } & 40,000 \\\text { Accounts payable } & 160,000 \\\text { Accounts receivable } & 120,000 \\\text { Retained earnings, } 1 / 1 / 17 & 600,000\end{array}$$ Benedict's stockholders' equity on December 31, 2017 is

• A)$840,000.
• B)$880,000.
• C)$640,000.
• D)$960,000.

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Definitions:

Extremely Thin

Describing an object or individual of minimal thickness or body weight, often beyond what is considered healthy or normal.

Bipolar Disorder

A mental health condition marked by extreme mood swings from high (manic) to low (depressive) and vice versa.

Depression

A behavioral health disorder typified by lasting depressive emotions or indifference towards activities, drastically hindering daily performance.

Manic Episodes

Periods of extremely elevated mood and activity or energy levels, often associated with bipolar disorder.