(Answered) Problem - raceway company reported the following balance

Accounting

Problem - Raceway Company reported the following balance sheet amounts at December 31, 2007

Current assets $70,000

Current liabilities 40,000

Long-term liabilities 90,000

Operational assets 200,000

Common stock, par $10 (10,000 shares issued at par) 100,000

The total amount of retained earnings on December 31, 2007, was

A) $50,000.

B) $40,000.

C) $30,000.

D) $20,000.

E) None of the above is correct.

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