Question

Sigma Consulting Group Adjusted Trial Balance December 31, 2020 US Dollar Debit Credit $ 22,000 $ 12,000 $ 223,000 $ 20,000 $ 325,000 $ 39,000 $ 300,000 $ 20,000 $ 3,000 $ 175,000 $ 295,000 $ 3,200 $ 39,000 Accounts Payable Accounts Receivable Accumulated Depreciation - Building Accumulated Depreciation - Equipment Building Cash Common Stock Depreciation Expense Dividends Equipment Fees Earned Interest Expense Insurance Expense Interest Payable Land Miscellaneous Expense Notes Payable Prepaid Insurance Expense Rent Expense Retained Earnings Sales Revenue Supplies Supplies Expense Unearned Sales Revenue Utilities Expense Wages Expense Wages Payable $ 1.000 $ 150.000 $ 3,400 $ 67,500 $ 15,000 $ 73,000 $ 33,300 $ 90,000 $ 67,000 $ 17,500 $ 32,000 $ 4,000 $ 142,000 $ 4,300 1,088,100 $ 1,088,100 $ After all closing entries have been performed for the year-end December 31, 2020, what is the balance in the Retained Earnings account? $ 79,900 O $ 130,200 O$ 145,200 O $ 113,200 None of the above.

Answer 1

Calculation of Net Income
Sales Revenue	$                    90,000
Fees earned	$                  295,000
Total Revenue		$              385,000
Expenses:
Depreciation expense	$                    20,000
Interest expense	$                      3,200
Insurance expense	$                    39,000
Miscllaneous expense	$                      3,400
Rent expense	$                    73,000
Supplies expense	$                    17,500
Utilities expense	$                      4,000
Wages expense	$                  142,000
Total Expenses		$              302,100
Net Income		$                82,900
Statement of Retained Earnings
Unadjusted Retained Earnings		$                33,300
Add:Net Income		$                82,900
Less:Dividend		$                  3,000
Adjusted Retained Earnings		$              113,200
So Option D is answer