Lorna Company Is a New Company with a Beginning Retained

question 93

Multiple Choice

Lorna Company is a new company with a beginning retained earnings balance of zero.It has the following account balances at the end of the first year of operations: What is the ending balance in Retained Earnings?

• A)$22,000
• B)$32,000
• C)$30,000
• D)$40,000

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