Wean Corporation's budgeted balance sheet for the coming year shows total assets of $5,000,000 and total liabilities of $2,000,000.Common stock and retained earnings make up the entire stockholders' equity section of the balance sheet.Common stock remains at its beginning balance of $1,500,000.The projected net income for the year is $333,000.The company pays no dividends.What is the balance of retained earnings at the beginning of the budget period?
A)$1,067,000
B)$1,167,000
C)$1,833,000
D)$1,500,000

Question

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The Answer of Wean Corporation's budgeted balance sheet for the coming year shows total assets of $5,000,000 and total liabilities of $2,000,000.Common stock and retained earnings make up the entire stockholders' equity section of the balance sheet.Common stock remains at its beginning balance of $1,500,000.The projected net income for the year is $333,000.The company pays no dividends.What is the balance of retained earnings at the beginning of the budget period?
A)$1,067,000
B)$1,167,000
C)$1,833,000
D)$1,500,000

Wean Corporation's Budgeted Balance Sheet for the Coming Year Shows