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Retained earnings

Retained earnings

FINANCIAL ACCOUNTING
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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Please help find Retained earnings.

Income Statement Balance Sheet Adjusted Trial Balance Debit Credit Debit Credit Debit Credit Account Title 16,000 16,000 Cash 6,000 6,000 Accounts Receivable 2,000 2,000 Supplies Equipment 19,000 19,000 Accumulated Depr. 6,000 6,000 Accounts Payable 10,000 10,000 Wages Payable 2,000 2,000 Common Stock 5,000 5,000 Retained Earnings 3,360 3,360 Dividends 1,000 1,000 Fees Earned 49,488 49,488 Wages Expense 19,553 19,553 Rent Expense 6,849 6,849 Depreciation Expense 5,446 5,446 Totals 75,848 75,848 31,848 49,488 44,000 26,360 Net Income (Loss) 17,640 17,640 49,488 49,488 44,000 44,000 The effect of closing revenues and expenses to Retained Earnings will be to: Oa. increase Retained Earnings by $17,640 Ob. decrease Retained Earnings by $17,640 Oc. increase Retained Earnings by $31,848 d. decrease Retained Earnings by $44,000
Transcribed Image Text:Income Statement Balance Sheet Adjusted Trial Balance Debit Credit Debit Credit Debit Credit Account Title 16,000 16,000 Cash 6,000 6,000 Accounts Receivable 2,000 2,000 Supplies Equipment 19,000 19,000 Accumulated Depr. 6,000 6,000 Accounts Payable 10,000 10,000 Wages Payable 2,000 2,000 Common Stock 5,000 5,000 Retained Earnings 3,360 3,360 Dividends 1,000 1,000 Fees Earned 49,488 49,488 Wages Expense 19,553 19,553 Rent Expense 6,849 6,849 Depreciation Expense 5,446 5,446 Totals 75,848 75,848 31,848 49,488 44,000 26,360 Net Income (Loss) 17,640 17,640 49,488 49,488 44,000 44,000 The effect of closing revenues and expenses to Retained Earnings will be to: Oa. increase Retained Earnings by $17,640 Ob. decrease Retained Earnings by $17,640 Oc. increase Retained Earnings by $31,848 d. decrease Retained Earnings by $44,000
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