Refer to the information above. If Retained Earnings at December 31, 2014, is $140,000, total assets amounts to:
A. $98,000.
B. $377,000.
C. $475,000.
D. $188,000.
C
A/P ($12,000) + N/P ($135,000) + Capital Stock ($188,000) + R.E. ($140,000) = $475,000
Total assets = $475,000
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Betty Webster was driving her car, talking on her cell phone about the latest episode of "The Bachelorette", and didn't notice that Flip Phillip's car just ahead of her had stopped. She rear-ended Flip, causing him whiplash
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