s were taken from ABC Company's general ledgers for 2025: January 1, 2025 December 31, 2025 Accounts payable 49,000 53,000 Cash 35,000 38,000 Common stock 46,000 76,000 Land 27,000 64,000 Notes payable 45,000 40,000 Retained earnings ? 29,000 The following information was taken from ABC Company's 2025 income statement: Total revenues 500,000 Total expenses <430,000> Net income 70,000 The following information was taken from ABC Company's 2025 cash flow statement: Net cash flow from operating activities 93,000 Net cash flow from investing activities <60,000> Net cash flow from financing activities <30,000> Net change in cash 3,000 Calculate the balance in the retained earnings account at January 1, 2025.
The following selected account balances were taken from ABC Company's
general ledgers for 2025:
January 1, 2025 December 31, 2025
Accounts payable 49,000 53,000
Cash 35,000 38,000
Common stock 46,000 76,000
Land 27,000 64,000
Notes payable 45,000 40,000
The following information was taken from ABC Company's 2025 income
statement:
Total revenues 500,000
Total expenses <430,000>
Net income 70,000
The following information was taken from ABC Company's 2025
flow
Net cash flow from operating activities 93,000
Net cash flow from investing activities <60,000>
Net cash flow from financing activities <30,000>
Net change in cash 3,000
Calculate the balance in the retained earnings account at January 1, 2025.
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