A Merchandiser Uses a Perpetual Inventory System

question 12

Multiple Choice

A merchandiser uses a perpetual inventory system.The beginning Retained Earnings balance of the merchandiser was $110,000.During the year,Sales Revenue amounted to $80,000,Sales Returns and Allowances were $2,000,Sales Discounts were $4,000,Cost of Goods Sold was $40,000,and all other expenses totaled $12,000.The company declared and paid $25,000 as dividends.The closing balance of Retained Earnings would be ________.

• A)$111,000
• B)$107,000
• C)$98,000
• D)$110,000

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Definitions:

Anti-hypertensives

Medications used to lower high blood pressure.

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