Benedict Company Compiled the Following Financial Information as of December

question 29

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 retained earnings on December 31, 2017 are

• A)$600,000.
• B)$720,000.
• C)$640,000.
• D)$ 40,000.

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Definitions:

Extensive Training

In-depth and comprehensive instructional programs designed to deeply educate individuals in a specific field or skill.

Crisis Teams

Groups of professionals trained to respond to psychological, psychiatric, or social emergencies, providing immediate support and intervention.

School Administration

The management and organization of all school operations, ranging from setting academic policies to managing human resources and finances.

Necessary Support

Assistance required to meet basic needs or to foster wellbeing, often in contexts of help or care services.