Nu2U, Inc. Adjusted Trial Balance At June 30, 2021 (in thousands) Account Titles Debit Credit Cash $ 102 Accounts receivable 40 Supplies 23 Prepaid insurance 15 Land 288 Buildings and equipment 450 Accumulated depreciation 63 Trademark 65 Accounts payable 35 Accrued liabilities 15 Unearned revenue 66 Long-term mortgage note payable 125 Common stock 350 Retained earnings, 07/01/20 324 Dividends 45 Commission revenue 475 Wages expenses 160 Supplies expenses 27 Depreciation expense 97 General and administrative expenses 102 Interest expense 32 Income tax expense 7 Totals $1,453 $1,453 Required: Use the above adjusted trial balance for Nu2U to complete the following. Compute the ending retained earnings balance as of June 30, 2021.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Nu2U, Inc.

Adjusted Trial Balance

At June 30, 2021

(in thousands)

Account Titles

Debit

Credit

Cash

$   102

 

Accounts receivable

40

 

Supplies

23

 

Prepaid insurance

15

 

Land

288

 

Buildings and equipment

450

 

Accumulated depreciation

 

63

Trademark

65

 

Accounts payable

 

35

Accrued liabilities

 

15

Unearned revenue

 

66

Long-term mortgage note payable

 

125

Common stock

 

350

Retained earnings, 07/01/20

 

324

Dividends

45

 

Commission revenue

 

475

Wages expenses

160

 

Supplies expenses

27

 

Depreciation expense

97

 

General and administrative expenses

102

 

Interest expense

32

 

Income tax expense

7

 

     Totals

$1,453

$1,453

     

Required:  Use the above adjusted trial balance for Nu2U to complete the following.

Compute the ending retained earnings balance as of June 30, 2021. 

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