Before the Closing Entries Were Made at the End of 20X2

question 42

Multiple Choice

Before the closing entries were made at the end of 20X2, the following data were taken from the accounts of Joe Corporation: $$\begin{array} { | l | r | } \hline \text { Share capital } & \$ 70,000 \\\hline \text { Retained earnings, beginning balance January 1, 20X2 } & 100,000 \\\hline \text { Total revenue earned during 20X2 } & 300,000 \\\hline \text { Total expenses incurred during 20X2 } & 200,000 \\\hline \text { Total cash collected during 20X2 } & 40,000 \\\hline\end{array}$$ What is the amount of shareholders' equity that should appear on Joe Corporation's statement of financial position dated December 31, 20X2?

• A) $300,000.
• B) $270,000.
• C) $230,000.
• D) $110,000.

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Definitions:

Potassium Ions

Charged atoms of potassium, vital for various physiological processes including nerve signal transmission, muscle contraction, and fluid balance within the body.

Guard Cells

Specialized cells in the epidermis of leaves, stems, and other organs that regulate gas exchange and water loss by controlling the opening and closing of stomata.

Stomata

Tiny openings or pores found in the epidermis of leaves and stems that allow for gas exchange between the plant and its environment.

Palisade Mesophyll

The layer of closely packed cells in a plant leaf where most photosynthesis occurs.