Benedict Company compiled the following financial information as of December 31, 2012:
|
Revenues |
$280,000 |
|
|
Common stock |
60,000 |
|
|
Equipment |
80,000 |
|
|
Expenses |
250,000 |
|
|
Cash |
70,000 |
|
|
Dividends |
20,000 |
|
|
Supplies |
10,000 |
|
|
Accounts payable |
40,000 |
|
|
Accounts receivable |
30,000 |
|
|
Retained earnings, 1/1/12 |
150,000 |
Benedict’s assets on December 31, 2012 are:
|
$470,000 |
|
$190,000 |
|
$160,000 |
|
$340,000 |
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