Total assets are $37,500, total liabilities are $20,000 and common stock is $10,000; therefore, retained earnings are $

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answerhappygod
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Total assets are $37,500, total liabilities are $20,000 and common stock is $10,000; therefore, retained earnings are $

Post by answerhappygod »

Total assets are $37,500, total liabilities are $20,000 and common stock is $10,000; therefore,
retained earnings are $7,500.

Answer: TRUE
Explanation: $37,500 = $20,000 + $10,000 + X; X = $7,500
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