Financial statements for Rogan Company are given below:
Total assets on the balance sheet at December 31, 2008 are $2,216,000. Accumulated deprecia-tion on the equipment sold was $112,000.
-The balance in the Retained Earnings account at December 31, 2008 was
A) $360,000.
B) $880,000.
C) $760,000.
D) $1,000,000.

Question

Financial statements for Rogan Company are given below:
   Total assets on the balance sheet at December 31, 2008 are $2,216,000. Accumulated deprecia-tion on the equipment sold was $112,000.
-The balance in the Retained Earnings account at December 31, 2008 was
A) $360,000. 
B) $880,000. 
C) $760,000. 
D) $1,000,000.

Quizplus · Accepted Answer

$480,000 + $400,000 - $120,000 = $760,000.

Financial Statements for Rogan Company Are Given Below