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Benedict Company Compiled the Following Financial Information as of December

question 8

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Benedict Company compiled the following financial information as of December 31 2022:  Service revenue $1,120,000 Common stock 240,000 Equipment 320,000 Operating expenses 1,000,000 Cash 280,000 Dividends 80,000 Supplies 40,000 Accounts payable 160,000 Accounts receivable 400,000 Retained earnings, 1/1/22600,000\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

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