The following accounts and balances were drawn from the records of Hoover Company on December 31, 2013: $$\begin{array} { l r l r }
\text { Cash } & \$ 1,000 & \text { Accounts Receivable } & \$ 850 \
\text { Dividends } & 500 & \text { Common Stock } & 975 \
\text { Land } & 800 & \text { Revenue } & 800 \
\text { Accounts Payable } & 450 & \text { Expense } & 550
\end{array}$$ The amount of retained earnings as of January 1, 2014 was:
A) $1,475.
B) $1,800.
C) $975.
D) $1,225.

Question

The following accounts and balances were drawn from the records of Hoover Company on December 31, 2013: $$\begin{array} { l r l r } 
\text { Cash } & \$ 1,000 & \text { Accounts Receivable } & \$ 850 \
\text { Dividends } & 500 & \text { Common Stock } & 975 \
\text { Land } & 800 & \text { Revenue } & 800 \
\text { Accounts Payable } & 450 & \text { Expense } & 550
\end{array}$$ The amount of retained earnings as of January 1, 2014 was:
A) $1,475.
B) $1,800.
C) $975.
D) $1,225.

Quizplus · Accepted Answer

The Answer of The following accounts and balances were drawn from the records of Hoover Company on December 31, 2013: $$\begin{array} { l r l r } 
\text { Cash } & \$ 1,000 & \text { Accounts Receivable } & \$ 850 \
\text { Dividends } & 500 & \text { Common Stock } & 975 \
\text { Land } & 800 & \text { Revenue } & 800 \
\text { Accounts Payable } & 450 & \text { Expense } & 550
\end{array}$$ The amount of retained earnings as of January 1, 2014 was:
A) $1,475.
B) $1,800.
C) $975.
D) $1,225.

The Following Accounts and Balances Were Drawn from the Records