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3 years ago

The following information is available for Oriole Company

Business

1 answer:

marta [7]3 years ago

7 0

Answer: $33,520

Explanation:

Assets = Equity + Liability

Assets = Retained earnings + Common Stock + Liability - because equity is made up of common stock and retained earnings

Retained earnings = Assets - Common Stock - Liability

Assets;

= Accounts receivable + Supplies + Cash + Inventory + Equipment (net)

= 3,500 + 3,720 + 6,360 + 2,970 + 109,200

= $‭125,750‬

Liabilities;

= Accounts payable + Interest payable + Unearned service revenue + Notes payable + Salaries and wages payable

= 3,700 + 530 + 820 + 31,000 + 780

= $36,830

Retained earnings = Assets - Common Stock - Liability

= ‭125,750‬ - 55,400 - 36,830

= $33,520

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