Given the Trial Balance Amounts Below,compute Ending Retained Earnings

question 81

Multiple Choice

Given the trial balance amounts below,compute ending retained earnings.
Common stock…….$120,000 Accounts payable…...$25,000
Cash………………..$116,640 Accounts receivable.$22,450
Supplies………........$ 1,500 Office equipment…...$23,300
Prepaid rent……….$ 3,200 Unearned revenue….$ 4,152
Service revenue…...$ 20,000 Utilities expense…....$ 422
Beginning Shaving equipment… $31,640
Retained earnings..$ 30,000

• A) $19,578
• B) $29,578
• C) $23,728
• D) $49,578
• E) $45,000

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Definitions:

Naturalistic Observation

An investigative approach where individuals are watched in their natural settings without any interference from the person observing.

Experiment

A method of investigation in the sciences or social sciences in which variables are manipulated to observe the effect on some behavior or condition.

Testable Prediction

A testable prediction is a specific statement about the expected outcome of a scientific experiment, based on a hypothesis or theory, that can be observed and measured.

Independent Variables

Variables in an experiment that are manipulated or changed to observe their effects on dependent variables.