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:

Close Interaction

Intimate or personal engagement between individuals, often involving direct communication or physical proximity.

Fictive Kin

A family in which nonrelatives are accepted as part of a family.

Social Kin

Individuals who are considered family based on social ties, affection, or chosen familial bonds, rather than blood relation.

Nonrelatives

Individuals who are not part of one's family by birth, marriage, or adoption.