Question

Below is the trial balance of Your Company as of December 31, 2018. After the closing...

Below is the trial balance of Your Company as of December 31, 2018. After the closing entries have been posted to the accounts, what is the total for owners’ equity?

Account Title:

Debit

Credit

Cash

$4,200

Equipment

8,000

Common Stock

$4,500

Retained Earnings

4,800

Revenue

5,500

Expenses

2,600

Totals

$14,800

$14,800
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Answer #1

Answer)

Calculation of Total for owner’s Equity

· The Net income of the company will be $ 2,900 (i.e. $ 5,500 - $ 2,600).

· This Net income will be transferred to retained earnings and the closing balance of retained earnings will be $ 7,700 (i.e. $ 4,800 + $ 2,900).

· Common stock balance will be $ 4,500.

Particulars

Amount (In $)

Stockholders' Equity:

Common Stock

                 4,500

Retained Earnings

                 7,700

Total

               12,200

Therefore the total of retained earnings will be $ 12,200.

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