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The account balances for a company are listed below. All balances are as of Dec. 31,2018, except where noted otherwise Accounts Payable Accounts Receivable Accrued Expenses Prepaid Expenses Dividends Sales Revenue Notes Payable (4/30/19) Cost of Goods Sold Gain on Sale of Equipment Inventory Income Tax Expense Determine the ending retained earnings for 2018 $ 7,200 8,400 5,600 500 2,000 89,500 2,500 40,800 5,500 19,500 9,750 Operating Expenses Equipment Furniture Notes Payable (due 12/31/20) Accumulated Depreciation Cash Common Stock Goodwill Retained Earnings (1/1/18) Marketable Securities Loss on Sale of Building 8,600 74,500 16,600 20,900 10,000 14,000 10,000 56,200 300 12,450 A. $56.200 B $77,600 C. $94,300 D. $79,600 E. $71,100

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Answer #1

Calculate net income :

Sales revenue 89500
Gain on sale of equipment 5500
Cost of goods sold 40800
Operating expense 8600
Loss on sale of building 12450
Income tax expense 9750
Net income 23400

Ending retained earnings = Beginning retained earnings+Net income-Dividend

= 56200+23400-2000

Ending retained earnings = 77600

So answer is b) $77600

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