Multiple Choice
At the end of the third year of operation, Forgione Corporation has total assets equal to $100,000, liabilities totaling $90,000, and contributed capital of $30,000.What is the balance in retained earnings?
A) $40,000 (Dr)
B) $40,000 (Cr)
C) $20,000 (Dr)
D) $20,000 (Cr)
E) $10,000 (Cr)
Correct Answer:
Verified
Correct Answer:
Verified
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