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At December 31, 2021, Tidal Wholesale Ltd.'s year-end adjusted trial balance was as follows: Debit Credit Cash.. 19,000 Accounts receivable. 465,000 Inventory... 730,000 Prepaid insurance..
At December 31, 2021, Tidal Wholesale Ltd.'s year-end adjusted trial balance was as follows: Debit Credit Cash.. 19,000 Accounts receivable. 465,000 Inventory... 730,000 Prepaid insurance.. 2,000 Equipment.... 510,000 Accumulated depreciation, equipment........ 228,000 Accounts payable.. 115,000 Unearned revenue. Loan payable. Common shares. 18,000 410,000 210,000 Retained earnings (beginning of year). 440,000 Dividends declared. Sales revenue........ 25,000 3,650,000 Totals Consulting revenue. Cost of goods sold. Depreciation expense.. Wage expense.... Operating expenses Required: Prepare the necessary closing entry/entries for Tidal Wholesale Ltd. and calculate the ending retained earnings balance for the company. (7 marks - 10 minutes) 950,000 2,190,000 76,000 1,820,000 184,000 $6,021,000 $6.021,000
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