Question

Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance...

Finley Company
End-of-Period Spreadsheet
For the Year Ended December 31
Adjusted Trial Balance Income Statement Balance Sheet
Account Title Debit Credit Debit Credit Debit Credit
Cash 16,000 16,000
Accounts Receivable 6,000 6,000
Supplies 2,000 2,000
Equipment 19,000 19,000
Accumulated Depr. 6,000 6,000
Accounts Payable 10,000 10,000
Wages Payable 2,000 2,000
Common Stock 5,000 5,000
Retained Earnings 7,341 7,341
Dividends 1,000 1,000
Fees Earned 44,719 44,719
Wages Expense 20,237 20,237
Rent Expense 5,835 5,835
Depreciation Expense 4,988 4,988
Totals 75,060 75,060 31,060 44,719 44,000 30,341
Net Income (Loss) 13,659 13,659
44,719 44,719 44,000 44,000

The ending balance of retained earnings is

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Answer #1

The ending balance of retained earnings is $20,000

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Statement of Retained earnings
Retained Earnings Beginning $          7,341.00
Add: Profit Earned during the year $        13,659.00
Less: Dividend Declared during the year $        (1,000.00)
Retained Earnings ending $        20,000.00
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