Question

A9-JY Corporation reported the following account balances at December 31, 2029: Depreciation Expense Copyright Gain on Sale of Building Dividends Utilities Payable Rental Revenue Income Tax Expense Cash Utilities Expense Accumulated Depreciation Supplies Retained Earnings Unearned Revenue Cost of Goods Sold Accounts Receivable Accounts Payable Land Notes Payable Inventory Common Stock Equipment Sales Revenue $14,000 $16,800 $18,000 $19,000 $20,000 $23,990 $24,800 $28,000 $31,000 $32,800 $33,000 $41,000 (at January 1, 2029) $42.000 $43,000 S44,000 $49,000 $56,000 $60,000 564,000 $72,000 $79,900 $94.000 The retained earnings balance at December 31, 2029 was equal to:

Answer 1

JY Corporation December 31, 2029 Retained earnings at the beginning of the period Add: Net income or Loss $ $ $ $ 41,000 23,000 64,000 -19,000 Less: Dividends Retained earnings at the end of the period $ 45,000 Working Notes Income Statement December 31, 2029 Service revenue Less: Cost of goods sold Revenue from operation Rental Revenue Gain on sales of building Gross Profit Operating Expenses: Utilities expenses $ 31,000 Depreciation expenses $ 14,000 Total Operating Expenses Pre-tax Income Income tax expenses Net Income $ $ $ $ $ $ 94,000 -43,000 51,000 23,000 18,000 92,000 $ $ $ $ 45,000 47,000 24,000 23,000