Tiffin Company Had Retained Earnings of $50,000 at the End

question 28

Multiple Choice

Tiffin Company had retained earnings of $50,000 at the end of last year.For the current year,income was $20,000 and dividends $15,000.What is the balance in retained earnings at the end of the current year?

• A)$85,000
• B)$45,000
• C)$55,000
• D)$60,000
• E)none of the answers are correct

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Definitions:

Materials Not Traceable

Materials used in a production process that cannot be directly linked to a specific product, often considered as part of overhead.

Indirect

Referring to something not directly expressed or done in a straightforward way, often used in the context of costs not directly tied to a specific product or service.

Specific Products

Items or goods that have been distinctly identified and described, usually based on unique characteristics or purposes.

Indirect Materials

Materials used in the production process that are not directly traceable to the final product, such as lubricants and cleaning supplies used in machinery.