Laker Incorporated’s fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31.
Calculate the ending balance of Retained Earnings :
Accounts | Debit | Credit | ||||||
Cash | $ | 11,700 | ||||||
Supplies | 37,500 | |||||||
Prepaid Rent | 28,500 | |||||||
Accounts Payable | $ | 2,700 | ||||||
Notes Payable | 27,000 | |||||||
Common Stock | 38,500 | |||||||
Retained Earnings | 8,700 | |||||||
Dividends | 3,700 | |||||||
Service Revenue | 54,300 | |||||||
Salaries Expense | 19,700 | |||||||
Advertising Expense | 12,700 | |||||||
Rent Expense | 9,700 | |||||||
Utilities Expense | 7,700 | |||||||
Totals | $ | 131,200 | $ | 131,200 | ||||
Retained Earnings formula
RE=Beginning period retained earnings +Net income/loss -Dividends
Given
Beginning retained earnings =8,700
Revenue = 54300
Dividends=3,700
We should calculate Net income
Net income=Revenue -Total expenses
Total Expenses =Salary Expense+ Advertising expenses+ Rent Expenses + utilities expenses
=19700+12700+9700+7700 =49800
Net income =54300-49800
= 4500
Now let us calculate RE
RE=Beginning period retained earnings +Net income/loss -Dividends
=8700+4500-3700
=9,500
Laker Incorporated’s fiscal year-end is December 31, 2021. The following is an adjusted trial balance as...
Laker Incorporated’s fiscal year-end is December 31, 2021. The
following is an adjusted trial balance as of December
31.
Accounts
Debit
Credit
Cash
$
11,700
Supplies
37,500
Prepaid
Rent
28,500
Accounts
Payable
$
2,700
Notes
Payable
27,000
Common
Stock
38,500
Retained
Earnings
8,700
Dividends
3,700
Service
Revenue
54,300
Salaries
Expense
19,700
Advertising
Expense
12,700
Rent
Expense
9,700
Utilities
Expense
7,700
Totals
$
131,200
$
131,200
note: "income" is not an option for journal entries
Journal entry worksheet < 1...
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