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Find what amount should fox record for retained earnings

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Reference no: EM132725046

Fox Co. adjusted trial balance included the following accounts, all at their normal account balance but listed in random order, at December 31, 2020:

Fox Co. Adjusted Trial Balance

Cost of goods sold400,000

Trading securities250,000

Loss on early bond call150,000

Sales1,000,000

Unearned revenue200,000

Selling expenses300,000

Dividends50,000

Retained earnings500,000

Gain on building sale100,000

Problem 1: Based on these Adjusted Trial Balance account balances, what amount should Fox record for Retained earnings in its 12/31/20 closing entry?

Group of answer choices

Option 1: 100,000

Option 2: 700,000

Option 3: 400,000

Option 4: 200,000

Reference no: EM132725046

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