Question: Please explain the solution to this general accounting problem using the correct accounting principles. The following accounts and balances were drawn from the records of

Please explain the solution to this general accounting problem using the correct accounting principles.

The following accounts and balances were drawn from the records of Oak Company: e Cash: $10,500 e Accounts payable: $6,200 e Common stock: $3,500 Land: $14,000 Accounts receivable: $3,800 . 7 . } . . Based on this information alone, the amount of Oak s retained earnings is a. $13,600 b. $18,100 c. $8,800 d. $12,100

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