Based on the Following Information,what Would Be the Balance in the Retained

question 50

Multiple Choice

Based on the following information,what would be the balance in the Retained Earnings Account,assuming all accounts have a normal balance?
$\begin{array}{lrlr}\text { Cash } & \$ 6,754 & \text { Dividends } & \$ 2,000 \\\text { Accounts receivable } & 13,733 & \text { Consulting fees earned } & 13,718 \\\text { Office supplies } & 2,625 & \text { Rent expense } & 3,673 \\\text { Land } & 37,153 & \text { Salaries expense } & 6,642 \\\text { Office equipment } & 14,535 & \text { Telephone expense } & 560 \\\text { Accounts payable } & 6,463 & \text { Miscellaneous expense } & 280 \\\text { Common stock } & 54,490 & \text { Retained earnings } & ?\end{array}$

• A) $0
• B) $13,718
• C) $13,155
• D) $13,284
• E) $2,563

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Definitions:

John Marshall

The fourth Chief Justice of the United States (1801-1835) known for establishing the principles of United States constitutional law.

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A provision in the U.S. Constitution granting Congress the power to pass all laws deemed necessary and proper for executing its enumerated powers.