Use This Information to Answer the Following Question

question 107

Multiple Choice

Use this information to answer the following question. The Retained Earnings,Dividends,and Income Summary accounts for Gula's Repair Corporation for the accounting period are presented below in T account form after the recording and posting of closing entries:


Gula's beginning Retained Earnings balance is

• A) $300.
• B) $700.
• C) $1,500.
• D) $800.

---

Definitions:

2008

A significant year marked by the global financial crisis, which had profound impacts on economies worldwide.

Short Recession

A brief period of economic decline during which trade and industrial activity are reduced, generally identified by a decline in GDP in successive quarters.

Real Estate Bubble

A real estate bubble is a situation in which property prices rapidly inflate beyond fundamental valuations, typically followed by a sharp decline.

Stock Market Crash

A rapid and often unanticipated decline in stock prices across a significant cross-section of a stock market, leading to a loss of paper wealth.