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Use the following to answer questions 34 - 36 The year-end adjusted trial balance of the Corporation included the following a
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34) Retained earnings shall be credited with:
Service Revenue $ 650,000.00
35) Retained earnings shall be debited with:
Salaries Expense $ 325,000.00
Rent Expense $   25,000.00
Interest Expense $   10,000.00
Dividends $ 150,000.00
$ 510,000.00
36) Beginning retained earnings $ 300,000.00
Add: Credits $ 650,000.00
Less: Debits $(510,000.00)
Ending retained earnings $ 440,000.00
37) Total current assets
Accounts receivable $    15,000.00
Cash $    18,000.00
Supplies $          200.00
$    33,200.00
38) Book value of equipment
Equipment $ 800,000.00
Less: Accumulated depreciation $   (80,000.00)
$ 720,000.00
39) Net Income
Service Revenue $ 458,000.00
Less: Expenses
Depreciation Expense $   (40,000.00)
Rent Expense $     (6,000.00)
Salaries Expense $(256,000.00)
Supplies Expense $     (1,800.00)
$ 154,200.00
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