Using the accounting equation to determine net income (Learning Objectives 5 & 6 ) 15–20 min.

This information relates to Ghandour, Inc. for the year 2014.

Retained Earnings, December 31, 2014 ...................................................................

Supplies Expense.....................................................................................................

Dividends paid during 2014 .....................................................................................

Rent Expense ...........................................................................................................

Commission Revenue ..............................................................................................

Utilities Expense.......................................................................................................

Salaries and Wages Expense....................................................................................

$62,400 1,800 9,000 10,400 52,000 2,400 25,000 Requirement After analyzing the data, prepare an income statement and calculate the balance of retained earnings for January 1, 2014.

AppendixLO1