Finley Company End-of-Period Spreadsheet For the Year Ended December 31   Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 48,000       48,000   Accounts Receivable 18,000       18,000   Supplies 6,000       6,000   Equipment 57,000       57,000   Accumulated Depr.   18,000       18,000 Accounts Payable   25,000       25,000 Wages Payable   6,000       6,000 Common Stock   30,000       30,000 Retained Earnings   3,000       3,000 Dividends 3,000       3,000   Fees Earned   155,000   155,000     Wages Expense 63,000   63,000       Rent Expense 27,000   27,000       Depreciation Expense 15,000   15,000       Totals 237,000 237,000 105,000 155,000 132,000 82,000 Net Income (Loss)     50,000     50,000       155,000 155,000 132,000 132,000 The ending balance of retained earnings is a.$3,000 b.$53,000 c.$50,000 d.$47,000

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Finley Company
End-of-Period Spreadsheet
For the Year Ended December 31
  Adjusted Trial Balance Income Statement Balance Sheet
Account Title Debit Credit Debit Credit Debit Credit
Cash 48,000       48,000  
Accounts Receivable 18,000       18,000  
Supplies 6,000       6,000  
Equipment 57,000       57,000  
Accumulated Depr.   18,000       18,000
Accounts Payable   25,000       25,000
Wages Payable   6,000       6,000
Common Stock   30,000       30,000
Retained Earnings   3,000       3,000
Dividends 3,000       3,000  
Fees Earned   155,000   155,000    
Wages Expense 63,000   63,000      
Rent Expense 27,000   27,000      
Depreciation Expense 15,000   15,000      
Totals 237,000 237,000 105,000 155,000 132,000 82,000
Net Income (Loss)     50,000     50,000
      155,000 155,000 132,000 132,000

The ending balance of retained earnings is

a.$3,000
b.$53,000
c.$50,000
d.$47,000
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