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8. Shown below are a company's ledger accounts and their end-of-period balances after adjustments and before...

8. Shown below are a company's ledger accounts and their end-of-period balances after adjustments and before closing entries are posted.

Retained earnings...........$14,000

Dividends.......................19,200

Sales Revenue...............58,000

Rent expense................7,200

Salaries expense...........14,400

Insurance expense...............840

Depr. Expense-equipment......900

Accum depr- equipment........2,500

Required: What amount will be the ending Retained Earnings? (Assume all accounts have normal balances.)

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Homework Answers

Answer #1

ANSWER : RETAINED EARNINGS AT THE YEAR ENDING IS $29,460

EXPLANATION

step1 :calculate NET NCOME

sales revenue $58,000
operating expenses
rent expense 7200
nsurance expense 840
salaries expense 14,400
depreciation expense 900 23340
NET INCOME $34,660

step2 : retain earnings statement

statement of Retain earnings for end of the year

opening retain earnings $14,000
net income 34,660
SUB TOTAL 48,660
less dividends (19,200)
Retain Earnings end of the year 29,460
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