A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was...
A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was $130,000. During the year, Sales Revenue amounted to $80,000, Cost of Goods Sold was $45,000, and all other expenses totaled $10,000. The company declared and paid $27,000 as dividends. The ending balance of Retained Earnings would be ________.
A.) 128,000
B.) 155,000
C.) 182,000
D.) 130,000
Homework Answers
Computation of Net Income
Sales = $80,000
Less: Cost of goods sold = $45,000
Less: Other expenses = $10,000
Net Income = $25,000
Add: Beginning retained earnings = $130,000
Less: Dividends = $27,000
Ending Retained Earnings = $128,000
Option 'A' is correct
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A merchandiser uses a perpetual inventory system. The beginning
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A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was...
A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was $120,000. During the year, Sales Revenue amounted to $80,000, Cost of Goods Sold was $45,000, and all other expenses totaled $10,000. The company declared and paid $27,000 as dividends. The ending balance of Retained Earnings would be ________. a. $118,000 b. $145,000 c. $120,000 d. $172,000
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