Use the Following Data, Taken from the Adjusted Trial Balance

question 24

Multiple Choice

Use the following data, taken from the adjusted trial balance, for
$$\begin{array} { l r r } & \text { Debit } & \text { Credit } \\\text { Cash } & € 3,712 & \\\text { Accounts Receivable } & 3,904 & \\\text { Supplies } & 480 & \\\text { Accounts Payable } & & € 1,792\\\text { Unearned Revenue } & & 160 \\\text { Share Capital-ordinary } & & 5,000 \\\text { Retained Earning } & & 760 \\\text { Dividends } & 300 & \\\text { Service Revenue } & & 4,064\\\text { Salaries Expense } & 1,344 \\\text { Miscellaneous Expense } & 256 \\\text { Supplies Expense } & 2,228\\\text { Salaries Payable }&&448\\\text { Total }&€12.224&€12.224\\\end{array}$$
-What amount will be reflected for Retained Earning in the Statement of Financial Position columns of the worksheet?

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Definitions:

Product Costs

Expenses directly associated with the creation of a product, including direct materials, direct labor, and manufacturing overhead.

Period Costs

Expenses that are not directly tied to production activity and are expensed in the period in which they occur.

Prepaids Insurance

Expenses paid in advance for insurance coverage, recognized as assets until the coverage period lapses.

Fixed Manufacturing

Costs that do not vary with the volume of production, including rent, salaries of permanent staff, and equipment depreciation.