A corporation commences operations on January 1, 2019. It has the following account balances at December 31, 2019: Accounts Payable $30,000 Building 67,000 Accounts Receivable 45,000 Bank Loan 65,000 Cash 30,000 Common Stock 5,000 Equipment 23,000 Land 13,000 Unused Supplies 3,000 Net Income 29,000 No dividends were paid. Calculate retained earnings at December 31, 2019.

A corporation commences operations on January 1, 2019. It has the following account balances at December 31, 2019: Accounts Payable $30,000 Building 67,000 Accounts Receivable 45,000 Bank Loan 65,000 Cash 30,000 Common Stock 5,000 Equipment 23,000 Land 13,000 Unused Supplies 3,000 Net Income 29,000 No dividends were paid. Calculate retained earnings at December 31, 2019.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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bartleby, a Learneo, Inc. business

Accounts Payable	$30,000
Building	67,000
Accounts Receivable	45,000
Bank Loan	65,000
Cash	30,000
Common Stock	5,000
Equipment	23,000
Land	13,000
Unused Supplies	3,000
Net Income	29,000