The beginning balance in the Common Stock account of Cedar T

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.
Indicate whether the statement is true or false

ANSWER

FALSE