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Calculate the closing balance of retained earnings

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Reference no: EM132671956

This information relates to Peter's Rentals Pty Ltd for the year 2019:

Retained Earnings, 1 January 2019 $90,000

Advertising 3,000

Dividends Paid during 2019 14,000

Rent 20,200

Hire Revenue 140,000

Electricity 4,800

Wages 56,000

Share Capital 40,000

Problem 1: Calculate the closing balance of Retained earnings at 31 December 2019:

Select one:

a. $146,000

b. $132,000

c. $116,000

d. $56,000

e. $42,000

Reference no: EM132671956

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