Albert Company Reported the Following Statement of Financial Position Amounts

question 36

Multiple Choice

Albert Company reported the following statement of financial position amounts at December 31, 20X2: $$\begin{array} { | l | r | } \hline \text { Current assets } & \$ 70,000 \\\hline \text { Current liabilities } & 40,000 \\\hline \text { Long-term liabilities } & 90,000 \\\hline \text { Operational assets } & 200,000 \\\hline \text { Common shares (10,000 shares issued) } & 100,000 \\\hline\end{array}$$ What was the total amount of retained earnings on December 31, 20X2?

• A) $20,000
• B) $30,000
• C) $40,000
• D) $50,000

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Definitions:

Stock Split

A corporate maneuver where a firm expands its existing shares into a greater quantity to increase the shares' liquidity.

Trading Range

The range within which a security’s price fluctuates over a given period, indicating the highest and lowest prices reached.