(Answered) Question allgood textiles inc started the years with 200000

Accounting

Question: Allgood Textiles, Inc. started the years with $200,000 in accumulated earnings and profit. During the year, it earned $75,000 from its business operations, received a $2,000 federal income tax refund, received a $10,000 contribution to capital from its shareholders, paid $13,750 in federal income taxes, and could not deduct $1,000 of its meal expenses. What is the amount of its accumulated earnings and profits at the end of the 2016 tax year? Please cite the IRS Tax Code.

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