### QUESTION 12A summary of selected ledger accounts appears below for Solomon’s Electrical Services for the current calendar year-end.**Common Stock**| Date | Debit | Credit ||------|-------|--------|| 12/31 | 8,500 | || 1/1 | | 90,000 || 12/31 | | 30,000 |**Retained Earnings**| Date | Debit | Credit ||------|-------|--------|| 12/31 | 5,000 | || 1/1 | | 62,000 || 12/31 | | 18,000 |**Dividends**| Date | Debit | Credit ||------|-------|--------|| 3/31 | 2,500 | || 9/30 | 2,500 | || 12/31 | | 5,000 |The balance in retained earnings that will appear on the financial statements is:- a. $85,500- b. $205,500- c. $57,000- d. $62,000### Explanation:To determine the balance in retained earnings, we follow these steps:1. Start with the retained earnings at the beginning of the year (1/1 credit amount).2. Add any credits to retained earnings throughout the year.3. Subtract any debits from retained earnings throughout the year.4. Account for all declared dividends during the year.Initially, the retained earnings on 1/1 is $62,000. During the year, retained earnings are credited with $18,000 and debited with $5,000. Starting retained earnings:$62,000Add credits: $62,000 + $18,000 = $80,000Subtract debits:$80,000 - $5,000 = $75,000Declared dividends during the year total to:$2,500 (3/31) + $2,500 (9/30) = $5,000Therefore, the ending retained earnings balance:$75,000 - $5,000 = $70,000Reviewing the final calculation and options, it seems we may have initially misinterpreted the dividends applied. Correctly factor in any calculated dividends again for correctness.### Final Adjustment:Considering the

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Description: ### QUESTION 12A summary of selected ledger accounts appears below for Solomon’s Electrical Services for the current calendar year-end.**Common Stock**| Date | Debit | Credit ||------|-------|--------|| 12/31 | 8,500 | || 1/1 | | 90,000 || 12/31

Retained earnings are shown in the reserves and surplus part in the balance sheet of a company.…

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A summary of selected ledger accounts appears below for Solomon's Electrical Services for the current calendar year-end. 12/31 12/31 12/31 3/31 9/30 Common Stock O a. $85,500 O b. $205,500 O c. $57,000 O d. $62,000 8,500 1/1 Retained Earnings 12/31 5,000 1/1 18,000 Dividends 2,500 12/31 2,500 90,000 30,000 62,000 5,000 The balance in retained earnings that will appear on the financial statements is

A summary of selected ledger accounts appears below for Solomon's Electrical Services for the current calendar year-end. 12/31 12/31 12/31 3/31 9/30 Common Stock O a. $85,500 O b. $205,500 O c. $57,000 O d. $62,000 8,500 1/1 Retained Earnings 12/31 5,000 1/1 18,000 Dividends 2,500 12/31 2,500 90,000 30,000 62,000 5,000 The balance in retained earnings that will appear on the financial statements is

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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