Solution-What the retained earnings balance at july will be

What the retained earnings balance at july will be

Reference no: EM132634347

Question 1: The Greenwood Company's balance sheet on June 30, 20X3, has total assets of $75,000, total liabilities of $30,000, paid-in-capital of $25,000, and retained earnings of $20,000. During the month of July, the Greenwood Company recognized revenues of $38,000, cost of goods sold of $27,000, depreciation expense of $3,000, the payment of August and September's rent totalling $1,000, and salary expense of $4,000. The retained earnings balance at July 31, 20X3, will be:

A. $24,000.

B. $29,000.

C. $23,000.

Reference no: EM132634347

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What the retained earnings balance at july will be

Reference no: EM132634347

Reference no: EM132634347

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