Total assets are $37,500,total liabilities are $20,000 and common stock is $10,000;therefore,retained earnings are $7,500.
Correct Answer:
Verified
Q4: The Financial Accounting Standards Board (FASB)has been
Q5: Revenue is recognized within the income statement
Q6: The balance sheet includes assets,liabilities,and stockholders' equity
Q7: A business entity's accounting system creates financial
Q8: If a U.S.domestic company does business in
Q10: The statement of stockholders' equity explains the
Q11: The primary responsibility for the content of
Q12: A company's retained earnings balance increased $50,000
Q13: The financial statement that shows an entity's
Q14: The income statement is a measure of
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents