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The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash Ac

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Answer #1

Solution :- Calculation of Retained earnings balance :-

Retained Earnings Ending Balance = Retained Earnings opening balance + Net income for the year - Dividends paid during the year

Retained Earnings opening balance = $ 3254

Dividends paid during the year = $ 960

Net income for the year = $ 3832 [W note 1]

Therefore ,Retained Earnings Ending Balance = $ 3254 + $ 3832 - $ 960 = $ 6126

Ans :- b. $ 6126

W note 1 :- Calculation of net income

Particulars Amount
Fees earned $ 8397
Less : Wages Expenses ($ 3185)
Rent expense ($ 797)
Utilities expense ($ 342)
Depreciation expense ($ 174)
Misc. Expense ($ 67)
Net income $ 3832
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