The following accounts and balances are taken from Moore Company's adjusted trial balance: Accounts Payable $9,000...
The following accounts and balances are taken from Moore Company's adjusted trial balance:
|
Accounts Payable |
$9,000 |
|
Accounts Receivable |
$3,400 |
|
Accumulated Depreciation |
1,000 |
|
Depreciation Expense |
1,000 |
|
Dividends |
2,600 |
|
Insurance Expense |
2,600 |
|
Interest Revenue |
1,040 |
|
Prepaid Insurance |
2,220 |
|
Retained Earnings |
10,900 |
|
Salary Expense |
24,100 |
|
Service Revenue |
38,800 |
What is the ending balance in Retained Earnings after the closing entries are completed?
Homework Answers
Answer
| Retained earnings - Beginning balance | $10,900 | |
| Revenues: | ||
| Service revenue | $38,800 | |
| Interest revenue | $1,040 | |
| Less | ||
| Expenses: | ||
| Depreciation expense | $1,000 | |
| Insurance expense | $2,600 | |
| Salary expense | $24,100 | |
| Net Income (Loss) | $12,140 | |
| Less: | ||
| Dividends | $2,600 | |
| Ending balance in Retained earnings | [$ 10900 + 12140 - 2600] | $20,440 ANSWER |
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