Reference no: EM132670205
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 sold 400,000
Trading securities 250,000
Loss on early bond call 150,000
Sales 1,000,000
Unearned revenue 200,000
Selling expenses 300,000
Dividends 50,000
Retained earnings 500,000
Gain on building sale 100,000
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
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