A Merchandiser Uses a Perpetual Inventory System

question 29

Multiple Choice

A merchandiser uses a perpetual inventory system.The beginning Retained Earnings balance of the merchandiser was $110,000.During the year,Sales Revenue amounted to $90,000,Cost of Goods Sold was $40,000,and all other expenses totaled $12,000.The company declared and paid $27,000 as dividends.The ending balance of Retained Earnings would be ________.

• A)$148,000
• B)$121,000
• C)$175,000
• D)$110,000

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