i need retained earnings if you could show how to do it Equipment 60,000 Interest Expense 2,500 Interest Payable 650...

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i need retained earnings

if you could show how to do it

Equipment 60,000 Interest Expense 2,500 Interest Payable 650 Retained Earnings ? Dividends 64,230 Land 136,000 Accounts Recei

business accounting

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Answer 1

Answer #1

FOR RETAINED EARNING WE HAVE TO PREPARE THE TRIAL BALANCE
IN TRIAL BALANCE TOTAL OF DEBIT WILL BE EQUAL OF TOTAL CREDIT

	DEBIT	CREDIT
Equipment	$ 60,000
Interest Expenses	$ 2,500
Interest Payable		$ 650
Dividends	$ 64,230
Land	$ 1,36,000
Account Receivable	$ 1,02,000
Bonds Payable		$ 78,000
Notes Payable		$ 28,000
Common stock		$ 75,000
Accumulated Depreciation - Equipment		$ 10,000
PREpaid adverrtising	$ 5,200
Service REVenue		$ 3,50,000
Building	$ 83,000
Supplies	$ 1,700
Income tax payable		$ 3,000
Utilities Expenses	$ 1,200
Advertising Expenses	$ 1,700
Salaries and wages expenses	$ 51,000
Salaries and wages expenses Payable		$ 880
Accumulated Depreciation - Building		$ 15,500
Cash	$ 45,000
Depreciation expenses	$ 7,500
Total	$ 5,61,030	$ 5,61,030

Total of Debit is Equla to Total of Credit it means there is no Difference

Retained Earning = Total of Debit - Total of Credit
Retained Earning = $ 561,030 - $ 561,030 = $ 0

Answer = 0 or Nil

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Answer 2

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