Balance Sheet Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Debit Credit Debit Credit 16,000 6,000 Account Title Debit Credit Cash 16,000 6,000 2,000 2,000 19,000 19,000 6,000 10,000 6,000 10,000 2,000 Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Eamed Wages Expense Rent Expense Depreciation Expense 2,000 5,000 5,000 11,155 11,155 1,000 1,000 40,064 40,064 19,445 5,338 5,436 74,219 19,445 5,338 5,436 Totals 74,219 40,064 44,000 34,155 Net Income (toss) 30,219 9,845 40,064 9,845 44,000 40,064 44,000 2,000 19,000 6,000 10,000 2,000 5,000 11,155 1,000 40,064 Supplies 2,000 Equipment 19,000 Accumulated Depr. 6,000 Accounts Payable 10,000 Wages Payable 2,000 Common Stock 5,000 Retained Earnings 11,155 Dividends 1,000 Fees Eamed 40,064 Wages Expense 19,445 19,445 Rent Expense 5,338 5,338 Depreciation Expense 5,436 5,436 Totals 74,219 74,219 30,219 Net Income (Loss) 9,845 40,064 The effect of closing revenues and expenses to Retained Earnings will be to: Oa, increase Retained Earnings by 59,845 Ob decrease Retained Earnings by $9,845 Oc increase Retained Earnings by 530,219 Od decrease Retained Earnings by 544,000 40,064 44,000 34,155 9,845 40,064 44,000 44,000