Use your knowledge of balance sheets, what are the total liabilities and retained earnings in the text below, respectively? ASSETS LIABILITIES . Cash $ 50,000 Accounts payable $ 12,000 Accounts receivable 80,000 Notes payable 50,000 Inventory 100,000 Total current liabilities $ Total current assets $ Long-term debt 218,000 Gross P&E 730,000 Total liabilities $ Less accumulated Common stock 100,000 depreciation 130,000 Paid-in capital 250,000 Net P&E $600,000 Retained earnings Total assets $ Total stockholders’ equity $ 550,000 Total liabilities and equity $ a. 230,000; 280,000 b. 280,000; 200,000 c. 62,000; 200,000 d. 280,000; 230,000

Which one of the following is a characteristic of a jit partnership? a. frequent deliveries in large lot quantities b. removal of incoming inspection c. third-party logistics never used d. maximal product specifications imposed on supplier e. active pursuit of vertical integration

The movement of an economy from one condition to another and back again

Chance company had two operating divisions, one manufacturing farm equipment and the other office supplies. both divisions are considered separate components as defined by generally accepted accounting principles. the farm equipment component had been unprofitable, and on september 1, 2018, the company adopted a plan to sell the assets of the division. the actual sale was completed on december 15, 2018, at a price of $600,000. the book value of the division’s assets was $1,000,000, resulting in a before-tax loss of $400,000 on the sale. the division incurred a before-tax operating loss from operations of $130,000 from the beginning of the year through december 15. the income tax rate is 40%. chance’s after-tax income from its continuing operations is $350,000. required: prepare an income statement for 2018 beginning with income from continuing operations. include appropriate eps disclosures assuming that 100,000 shares of common stock were outstanding throughout the year. (amounts to be deducted should be indicated with a minus sign. round eps answers to 2 decimal places.)