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Stockton Company Adjusted Trial Balance December 31 Cash 6,373 Accounts Receivable 2,824 Prepaid Expenses 727 Equipment...

  1. Stockton Company
    Adjusted Trial Balance
    December 31
    Cash 6,373
    Accounts Receivable 2,824
    Prepaid Expenses 727
    Equipment 13,608
    Accumulated Depreciation 4,676
    Accounts Payable 1,412
    Notes Payable 5,081
    Common Stock 1,000
    Retained Earnings 10,166
    Dividends 872
    Fees Earned 6,130
    Wages Expense 2,642
    Rent Expense 755
    Utilities Expense 390
    Depreciation Expense 182
    Miscellaneous Expense 92
    Totals 28,465 28,465

    Determine the retained earnings ending balance.

    a.$11,166

    b.$2,069

    c.$11,363

    d.$28,465

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Answer #1

Retained earnings opening balance = $10,166

Income earned

= Fees earned - Wages earned - Rent expense - Utilities expense - Depreciation expense - Miscellaneous expense

= 6,130 - 2,642 - 755 - 390 - 182 - 92

= $2,069

Retained earnings closing balance

= Opening balance + Income earned - Dividend paid

= 10,166 + 2,069 - 872

= $11,363

Therefore the correct option is C

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