Question

TY-9c Company reported the following account balances
at December 31, 2026:

Utilities Expense           $33,000
Inventory                   $47,000
Unearned Revenue            $35,000
Retained Earnings           $52,000 (at January 1, 2026)
Income Tax Expense          $24,000
Accounts Payable            $51,000
Cost of Goods Sold          $38,000
Cash                        $21,000
Utilities Payable           $19,000
Common Stock                $71,000
Building                    $74,000
Service Revenue             $55,000
Accounts Receivable         $69,000
Equipment                   $61,000
Sales Revenue               $96,000
Dividends                   $17,000
Patent                      $42,000
Notes Payable               $88,000
Loss on Sale of Land        $26,000 
Supplies                    $15,000

The retained earnings balance at December 31, 2026 was
equal to:

Group of answer choices

$71,000

$129,000

$65,000

$103,000

$52,000

$100,000

$35,000

$126,000

$91,000

none of the above are correct

Answer 1

Ans.	Option 3rd $65,000
	*WORKING NOTES :
	*Calculations for Net income :
	TY - 9c Company
	Income Statement
	For the Year Ended December 31 2026
	Particulars	Amount	Amount
	Revenues:
	Sales revenue	$96,000
	Service revenue	$55,000
	Total revenue (a)		$151,000
	Less: Expenses and losses:
	Cost of goods sold	$38,000
	Utilities expense	$33,000
	Loss on sale of land	$26,000
	Income tax expense	$24,000
	Total expenses (b)		$121,000
	Net Income (a - b)		$30,000
	*Calculations for ending balance of retained earnings :
	TY - 9c Company
	Retained Earnings Statement
	For the Year Ended December 31 2026
	Particulars		Amount
	Beginning balance of Retained earnings	$52,000
	Add: Net income		$30,000
	Less: Dividends		-$17,000
	Ending balance of Retained earnings	$65,000