Reference no: EM132773697
Trey Co.'s trial balance has the following selected accounts:
Accounts receivable, net. $1,650,000
Prepaid taxes 300,000
Accounts payable 120,000
Common stock 500,000
Retained earnings 630,000
Revenues 3,600,000
Expenses 2,600,000
Problem 1: Trey has not yet recorded income tax expense. There were no differences between financial statement income and tax income, and Trey's tax rate is 30%. What amount should Trey report as total retained earnings in its balance sheet?
A. $1,030,000
B. $1,330,000
C. $1,630,000
D. $1,830,000
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