Question 8
Based on the following information for ABC Limited, compute the retained earnings of the company.
| ACCOUNTS PAYABLE | $ 241,000 |
|---|---|
| ACCOUNTS RECEIVABLE | $ 505,000 |
| SALARY PAYABLE | $ 107,000 |
| ACCUMULATED DEPRECIATION ON BUILDINGS | $ 538,000 |
| ACCUMULATED DEPRECIATION ON EQUIPMENT | $ 386,000 |
| BONDS PAYABLE | $ 700,000 |
| BUILDINGS (AT COST) | $ 1,120,000 |
| CAPITAL STOCK | $ 1,000,000 |
| CASH | $ 89,000 |
| EQUIPMENT (AT COST) | $ 761,000 |
| TAX LIABILITY | $ 125,000 |
| INVENTORIES | $ 513,000 |
| INVESTMENT IN THE PEERLESS COMPANY | $ 320,000 |
| LAND (AT COST) | $ 230,000 |
| MARKATABLE SECURITIES | $ 379,000 |
| NOTES PAYABLE | $ 200,000 |
| RETAINED EARNINGS | ?? |