The beginning balance in the Common Stock account of Cedar Technologies,Inc.was $76,000.The revenues and expenses amounted to $55,000 and $37,000,respectively.During the year,the company did not declare any dividends or issue common stock.The Common Stock account will have $131,000 at the end of the year.

Question

Quizplus · Accepted Answer

The Common Stock account remains unchanged at $76,000 because no new stock was issued. Revenues and expenses affect the Retained Earnings, not the Common Stock account.

The Beginning Balance in the Common Stock Account of Cedar