The retained earnings account has a credit balance

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Reference no: EM13960149

A) Using the following year-end information for Bauman, LLC, calculate the current ratio and acid-test ratio:

Cash	$ 61,620
Short-term investment	12,000
Accounts receivable	47,500
Inventory	238,000
Prepaid expenses	23,380
Accounts payable	97,700
Other current payable	26,800

B) The Retained Earnings account has a credit balance of $25,500 before closing entries are made. If total revenues for the period are $80,200, total expenses are $58,800, and dividends are $13,500, what is the ending balance in the Retained Earnings account after all closing entries are made?

C)Bedrock Company reported a December 31 ending inventory balance of $416,500. The following additional information is also available:

The ending inventory balance of $416,500 included $72,900 of consigned inventory for which Bedrock was the consignor.
The ending inventory balance of $416,500 included $23,800 of office supplies that were stored in the warehouse and were to be used by the company's supervisors and managers during the coming year

Based on this information, the correct balance for ending inventory on December 31 is:

Reference no: EM13960149

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