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:

Impairment

A decrease in the recoverable value of an asset below its carrying amount, leading to a reduction in its recorded value on financial statements.

Investment in Grub

Specific reference to an investment made in a company known as "Grub", treated according to the investor's accounting method for such investments.

Goodwill

An intangible asset representing the excess of the purchase price over the fair market value of an acquired company's net assets, attributed to factors like reputation.

IASB Requirements

The mandatory guidelines and standards set by the International Accounting Standards Board for financial reporting and accounting practices worldwide.