Question: A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was $100,000. During the year, Sales Revenue amounted to

A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was $100,000. 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 $26,000 as dividends. The ending balance of Retained Earnings would be A. $100,000 OB. $164,000 OC. $112,000 D. $138,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

If Xi,i = 1, 2, 3, are independent exponential random variables with rates i , i = 1, 2, 3, find (a) P{X1 < X2 < X3}, (b) P{X1 < X2| max(X1, X2, X3) = X3}, (c) E[max Xi|X1 < X2 < X3], (d) E[max Xi].

6) Gilbert, Inc. generated sales revenues of $1,400,000 in 2017. Its cost of goods sold amounted to $560,000. Calculate Gilbert's gross profit percentage. A) 250% D) 40% C) 167% B) 60% 7) On November...

1) The Allowance for Bad Debts account has a debit balance of $9000 before the adjusting entry for bad debts expense. After analyzing the accounts in the accounts receivable subsidiary ledger using...

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 $75,000. Sales Returns and...

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...

Accrual basis accounting requires the business to review the unadjusted trial balance and determine whether any additional revenues and expenses need to be recorded. True False Accrual basis...

A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was $105,000. During the year, Sales Revenue amounted to $77,000, Sales Returns and...

A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was $104,000. During the year, Sales Revenue amounted to $72,000, Cost of Goods Sold was...

A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was $95,000. During the year, Sales Revenue amounted to $75,000, Cost of Goods Sold was...

A merchandiser uses a perpetual inventory system. The beginning Retained Earnings balance of the merchandiser was $95,000. During the year, Sales Revenue amounted to $74,000, Cost of Goods Sold 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 $85,000. Cost of Goods Sold was...

Go back to the numerical example with no factor substitution that leads to the production possibility frontier in Figure Quantity of food, Q; 2,000 Labor constraint slope =-2 Production possibility...

Submit a report as well as the necessary spreadsheets for Section II Parts BF. You will discuss interim reporting requirements under generally accepted accounting principles GAAP and international...

Operational efficiency concerns, the speed in accuracy of processing a buy or sell order at the bus available price true or false

At January 1, 2012, Beaty Company had plan assets of $280,000 and a projected benefit obligation of the same amount. During 2012, service cost was $27,500, the settlement rate was 10%, actual and...

Oxford Corporation began operations in 2012 and reported pretax financial income of $225,000 for the year. Oxfords tax depreciation exceeded its book depreciation by $40,000. Oxfords tax rate for...

At December 31, 2012, Hillyard Corporation has a deferred tax asset of $200,000. After a careful review of all available evidence, it is determined that it is more likely than not that $60,000 of...

AMR Corporation (parent company of American Airlines) reported the following for 2009 (in millions). Service cost ........... $333 Interest on P.B.O. ......... 712 Return on plan assets ........ 566...

Ratio Analysis the 2007 Annual Report of Eastman Kodak contains the following information. Compute the following ratios for Eastman Kodak for 2007. (a) Asset turnover ratio. (b) Rate of return on...

Tori and some other childeen experimented with balls to see which ones rolled. First using a piece of cardboard to use as a ramp, they angled it on a block to the floor to test the balls. Then Tori...

Is management easier or harder with all the available technology? Explain your position.

Joe Fresh continues to manufacture clothing in Bangladesh. Do you believe this is ethical behaviour?

According to the case, what external trends do managers at the movie theatre chains have to deal with?