Randall's Service Company began operations on January 1, 2019. The following Trial Balance was prepared on...
Randall's Service Company began operations on January 1, 2019.
The following Trial Balance was prepared on December 31, 2019.
Capital contributions during the year were $54,000.
Randall's Service Company
Trial Balance
December 31, 2019
Account Title Debit Credit
Cash $25,400
Accounts Receivable 5,000
Prepaid Rent 1,200
Office Supplies 3,400
Land 45,000
Building 16,500
Equipment 23,000
Accounts Payable $15,000
Unearned Revenue 5,000
Notes Payable 25,000
Common Stock 54,000
Dividends 6,300
Service Revenue 83,100
Salaries Expense 34,000
Rent Expense 15,000
Office Expense 6,000
Repair Expense 1,300
Total $182,100 $182,100
What is the December 31, 2019 balance of Retained Earnings?
A. $33,100
B. $20,500
C. $25,500
D. $19,300
Homework Answers
Calculate net income
| Service revenue | 83100 |
| Salaries expense | -34000 |
| rent expense | -15000 |
| Office expense | -6000 |
| Repair expense | -1300 |
| Net income | 26800 |
Balance of retained earnings = 26800-6300 = 20500
So answer is b) $20500
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