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December 31 Assets Cash $ 30,000 52,000 Accounts receivable Office supplies nterest receivable 16,000 18,000 168,000 Notes reEquity Common stock 20,000 Retained earnings 20,000 $ 323,000 < Required B Requiredwhat is the retained earningCredit $ Debit 30,000 52,000 18,000 168,000 16,000 168,000 $ 50,000 138,000 18,000 78,000 Cash Accounts receivable Interest r

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Answer #1
Retained Earning Closing Balance
Beginning Balance 235800
Profit during the year 87200
Dividends -46000
Closing Balance 277000

Working Note:

Income Statement
Service Revenue 484000
Interest Revenue 24000
Total 508000
Dep. Exp.- Automobiles 26000
Dep. Exp.- Equipment 18000
Salaries Exp. 188000
Wages Exp. 40000
Interest Exp. 32000
Office Supplies Exp. 34000
Advertising Exp. 58000
Repairs Exp. 24800
Total 420800
Profit during the year 87200
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