Benedict Company Compiled the Following Financial Information as of December

question 8

Multiple Choice

Benedict Company compiled the following financial information as of December 31 2022: $$\begin{array} { l r } \text { Service revenue } & \$ 1,120,000 \\\text { Common stock } & 240,000 \\\text { Equipment } & 320,000 \\\text { Operating expenses } & 1,000,000 \\\text { Cash } & 280,000 \\\text { Dividends } & 80,000 \\\text { Supplies } & 40,000 \\\text { Accounts payable } & 160,000 \\\text { Accounts receivable } & 400,000 \\\text { Retained earnings, } 1 / 1 / 22 & 600,000\end{array}$$ Benedict's retained earnings on December 31 2022 are

• A)$600000.
• B)$720000.
• C)$640000.
• D)$ 40000.

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Definitions:

Self-Disciplined

The ability to control one’s feelings, impulses, and actions, and to pursue goals with perseverance and determination.

Middle-Class Culture

Describes the values, norms, and practices of the middle class, often associated with economic stability, education, and manners.

Reform

The process of making changes to something in order to improve it, especially in social, political, or economic institutions or practices.