Question: 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.

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 Allowances were $1,000. Sales Discounts were $3,000. Cost of Goods sold was $45,000and all other expenses totaled $12,000. The company declared and paid $27,000 as dividends. The ending balance of Retained Earnings would be $130,000 $117,000 $120, 000 $118,000

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