Peck Company
The Peck Company reported the following items on its financial statements for the year ending December 31, 2012.
$\begin{array}{llll}
\text { Sales } & \$ 1,560,000 & \text { Cost of sales } & \$ 1,400,000 \
\text { Selling, general and } & & \text { Other expense } & 30,000 \
\text { administrative expense } & 40,000 & & \
\text { Dividends } & 10,000 & \text { Income tax expense } & 25,000
\end{array}$
- Refer to Peck Company. How much will be reported as retained earnings on its balance sheet at December 31, 2012, if this is the first year of operations?

Question

Peck Company 
The Peck Company reported the following items on its financial statements for the year ending December 31, 2012.
$\begin{array}{llll}
\text { Sales } & \$ 1,560,000 & \text { Cost of sales } & \$ 1,400,000 \
\text { Selling, general and } & & \text { Other expense } & 30,000 \
\text { administrative expense } & 40,000 & & \
\text { Dividends } & 10,000 & \text { Income tax expense } & 25,000
\end{array}$
- Refer to Peck Company. How much will be reported as retained earnings on its balance sheet at December 31, 2012, if this is the first year of operations?

Quizplus · Accepted Answer

The Answer of Peck Company 
The Peck Company reported the following items on its financial statements for the year ending December 31, 2012.
$\begin{array}{llll}
\text { Sales } & \$ 1,560,000 & \text { Cost of sales } & \$ 1,400,000 \
\text { Selling, general and } & & \text { Other expense } & 30,000 \
\text { administrative expense } & 40,000 & & \
\text { Dividends } & 10,000 & \text { Income tax expense } & 25,000
\end{array}$
- Refer to Peck Company. How much will be reported as retained earnings on its balance sheet at December 31, 2012, if this is the first year of operations?

Peck Company the Peck Company Reported the Following Items

Peck Company
the Peck Company Reported the Following Items