The amount of john's retained earnings is? The following accounts and balances were drawn from the records ofJohn Enterprises:AccountBalanceCash$9,200Accounts Payable$6,100Common Stock$5,000Land$19,500Accounts Receivable $3,000Based on this information alone, the amount of John's retainedearnings is

Step 1: DefinitionsConcept of Retained EarningsRetained earnings represent the cumulative net income…

Answered: The following accounts and balances…

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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The following accounts and balances were drawn from the records of John Enterprises: Account Balance Cash $9,200 Accounts Payable $6,100 Common Stock $5,000 Land $19,500 Accounts Receivable $3,000 Based on this information alone, the amount of John's retained earnings is