1.The Greenwood Company's balance sheet on June 30, 20X3, has total assets of $75,000, total liabilities of $30,000, paid-in-capital of $25,000, and retained earnings of $20,000. During the month of July, the Greenwood Company recognized revenues of $38,000, cost of goods sold of $27,000, depreciation expense of $3,000, the payment of August and September's rent totalling $1,000, and salary expense of $4,000. The retained earnings balance at July 31, 20X3, will be:?

Answer rating: 100% (QA)

Balance sheet as of June 30 20X3 Total assets 75000 Total ... View the full answer