Homework Help: Account

Posted by Anton on Sunday, September 23, 2012 at 5:30pm.

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 & 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?

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

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