Homework Answers
| Income Statement | ||
| Revenues | ||
| Sales revenue | 55,150 | |
| Total revenue | 55,150 | |
| Expenses: | ||
| Salaries expense | 23,000 | |
| Cost of goods sold | 1,500 | |
| Supplies expense | 500 | |
| Depreciation expense | 1,700 | |
| Total expenses | -26,700 | |
| Net Profit | $28,450 | |
| Statement of Retained Earnings | ||
| Beginning retained earnings | 0 | |
| Add: Net profit | 28,450 | |
| Less:Dividends | -3,000 | |
| 25,450 | ||
| Retained earnings, Ending | $25,450 | |
The retained earnings account be after the closing entries are posted $25,450.
First option is correct.
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