Given the Following Adjusted Tabular Summary Amounts What Is the Amount of the Ending Retained Earnings on r

question 57

Multiple Choice

Given the following adjusted tabular summary amounts: $\begin{array} { l r } \text { Cash } & \$ 1,662 \\\text { Accounts receivable } & 2,098 \\\text { Inventory } & 3,124 \\\text { Prepaid rent } & 86 \\\text { Equipment } & 300 \\\text { Accumulated depreciation-equipment } & 52 \\\text { Accounts payable } & 82 \\\text { Unearned service revenue } & 172 \\\text { Common stock } & 206 \\\text { Retained earnings } & 6,610 \\\text { Service revenue } & 318 \\\text { Interest revenue } & 56 \\\text { Salaries and wages expense } & 160 \\\text { Travel expense } & 66\end{array}$ What is the amount of the ending retained earnings on the retained earnings statement?

• A)$6610
• B)$6984
• C)$6384
• D)$6758

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Definitions:

Depreciation

The reduction in the value of an asset over time, often due to wear and tear or the passage of time.

Inventory Investment

The stock of goods or raw materials kept by a business to meet future sales or production needs.

Hybrid Varieties

Plant varieties developed through the crossbreeding of two genetically different parent plants, aiming to produce offspring with desirable traits from both.

Partnerships

A form of business organization in which two or more individuals share ownership, responsibilities, and the profits or losses of the enterprise.