Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. xyz company had a beginning balance of $2,346,888

XYZ Company had a beginning balance of $2,346,888 in retained earnings as of 12/31/2020. During...

90.2K

Verified Solution

Question

Accounting

XYZ Company had a beginning balance of $2,346,888 in retained earnings as of 12/31/2020. During the year of 2020 it generated net income of $100,000. Its sales were $1,500,000 and its cash account increased by $200,000. No dividends were paid. What is the balance of Retained Earnings as of 12/31/2021?

Question 6 options:

2,346,888

2,446,888

2,546,888

3,846,888

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

assign net SITI ZX Read It y son x DISZ

Basic Math
Q

Explain how oral-administered drugs can reach the target cells to exert the therapeutic effects（6 marks）

Medical Sciences
Q

Due to erratic sales of its sole product—a high-capacity battery for laptop computers—PEM, Inc., has been...

Accounting
Q

8.29 In a survey of 1,003 adults concerning complaints about restaurants, 732 complained about dirty or...

Basic Math
Q

3 4 5 Paragraph for Question Nos 13 to 15 Two identical billiard balls of...

Physics
Q

IP A 37-kg crate is placed on an inclined ramp. When the angle the ramp...

Physics
Q

Finding the Present Value of a Compound Interest Retirement Account Tanja wants to establish an...

Basic Math
Q

A research center poll showed that 83 of people believe that it is morally wrong...

Statistics
Q

20 B OXER Ox 3 X 3 X ER 10 X 3 X x R...

Calculus
Q

Question 2 Sheffield Company has gathered the following information about its product. Direct materials: Each...

Accounting
Q

16. Fox Co. issued soooo of ten-year, 10% bonds that pay interest semiannually. The bonds...

Accounting
Q

Foam Products, Incorporated, makes foam seat cushions for the automotive and aerospace industries. The companys...

Accounting