Question

The following balances are available from the unadjusted trail balance below for 2016. Account Balance Cash...

The following balances are available from the unadjusted trail balance below for 2016.

Account Balance
Cash $ 12,000
Accounts Receivable 3,000
Inventory 5,000
Investments 2,500
Accounts Payable 4,000
Dividends Payable 2,000
Bonds Payable 4,500
Sales Revenue 10,000
Service Revenue 1,000
COGS 7,000
Wage Expense 1,000
Rent expense 500
Dividends Declared 450
Common stock 2,000
Retained earnings on of 1/1/2016 $ 11,950

After the necessary closing entry for 2016, what will be the ending 2016 balance of retained earnings?

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