The Accountant for Crusoe Company Is Preparing the Company's Statement

question 16

Short Answer

The accountant for Crusoe Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: $\begin{array} { l } \text {Retained earnings balance at the beginning of the year }&\$126,000 \\ \text {Cash dividends declared for the year }& 46,000\\ \text {Proceeds from the sale of equipment }& 81,000\\ \text {Gain on the sale of equipment }&7,000 \\ \text {Cash dividends payable at the beginning of the year }&18,000 \\ \text { Cash dividends payable at the end of the year}& 20,000\\ \text { Net income for the year}&92,000 \\\end{array}$

What is the ending balance for retained earnings?
A) $\$ 352,000$
B) $\$ 218000$
C) $\$ 179.000$
D) $\$ 172,000$
E) $\$ 170,000$

• A) \( \$ 352,000 \)
• B) \( \$ 218000 \)
• C) \( \$ 179.000 \)
• D) \( \$ 172,000 \)
• E) \( \$ 170,000 \)

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Definitions:

Excise Tax

A tax levied on specific goods, services, or transactions, often included in the price of the product or service.

Computer-Controlled

Systems or devices managed or operated by computer algorithms or software rather than directly by human intervention.

External Change Agents

Individuals or organizations from outside an organization who are brought in to oversee or facilitate change management processes and organizational transformations.

Organization's History

The record of significant events, decisions, and changes that have shaped an organization's development and culture over time.