Based on the Following Information,what Would Be the Ending Balance

question 136

Multiple Choice

Based on the following information,what would be the ending 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) $15,847
• B) $13,718
• C) $13,155
• D) $13,284
• E) $13,847

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Definitions:

Compromise of 1850

A series of laws passed in an attempt to settle the political differences between free and slave states, including the Fugitive Slave Act.

American Party

A political party in the United States, also known as the Know-Nothing Party, that was primarily anti-immigrant and anti-Catholic in the mid-19th century.

Know-Nothings

A nativist political movement in the mid-19th century America, officially known as the American Party, which was anti-Catholic and anti-immigrant.

Republican Party

One of the two major contemporary political parties in the United States, also known as the GOP (Grand Old Party), it was founded in 1854 primarily to oppose the spread of slavery.