Carter's assets on December 31, 2007 are:
Carter Company compiled the following financial information as of December 31, 2007:
Revenues..........................$140,000
Common stock ....................30,000
Equipment ...........................40,000
Expenses .............................125,000
Cash ......................................35,000
Dividends ..............................10,000
Supplies ...................................5,000
Accounts payable ...................20,000
Accounts receivable ...............15,000
Retained earnings, 1/1/07 ......75,000
a. $235,000
b. $170,000
c. $ 80,000
d. $ 95,000
Ans: d. $ 95,000
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