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April 16, 2014

Homework Help: Accounting

Posted by Anton on Sunday, September 23, 2012 at 3:28pm.

Peck Company
The Peck Company reported the following items on its financial statements for the year ending December 31, 2010.

Sales - $1,560,000
Cost of Sales - $1,400,000
Selling, general and administrative expense - 40,000
Other Expense - 30,000
Dividends - 10,000
Income Tax Expense - 25,000

Refer to Peck Company. How much will be reported as Retained Earnings on its Balance Sheet at December 31, 2010, if this is the first year of operations?
Answer

a. $85,000
b. Not enough information is provided.
c. $45,000
d. $55,000

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