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The following account balances were drawn from the financial statements of Grayson Company:Cash $ 8,800 Accounts payable $ 2,500 Accounts receivable $ 3,000 Common stock ? Land $ 16,000 Retained earnings, Jan. 1 $ 5,400 Revenue $ 19,000 Expenses $ 14,500 Based on the above information, what is the balance of Common Stock for Grayson Company?Multiple Choicea.$15,400b.$19,900c.$900d.$20,800

Respuesta :

hyderali230

Answer:

a.$15,400

Explanation:

Land                              $16,000

Cash                              $8,800

Accounts receivable   $3,000

Total Assets                 $27,800

Common stock             $15,400

* Retained earnings     $9,900

Accounts payable        $2,500

Total Equity & Liability $27,800

* WORKING:

Retained earnings, Jan. 1   $5,400

+ Revenue                           $19,000

- Expenses                         $14,500

Retained earnings Dec 31  $9,900

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