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Can you help me solve the retained earnings for the adjusted trial balance? I also attached the original trial balance to see the previous value
Can you help me solve the retained earnings for the adjusted trial balance? I also attached the original trial balance to see the previous value of the retained earnings. Thank you very much for your help in advance.
Debit Credit $16,200,000 $769,500 $50,625 27 28 b Adjusted Trial Balance 29 Sales Revenue 30 Sales Returns 31 Rent Revenue 32 Cost of Goods Sold 33 Executive Salaries and Expense 34 Office Supplies Expense 35 Insurance Expense 36 Utilities Expense 37 Consulting and Legal Fees Expense 38 Depreciation Expense 39 Bad Debts Expense 40 Miscellaneous Admin Expense 41 Miscellaneous Selling Expense 42 Sales Discount 43 Sales Force Salaries Expense 44 Advertising Expense 45 Selling Commission Expense 46 Shipping Expense 47 Interest Expense 48 Income Tax Expense 49 Dividends Paid 50 Land 51 Building 52 Equipment 53 Accumulated Depreciation 54 Patents 55 Loans to other Business 56 Inventory 57 A/R 58 Allowance to Bad Debts 59 Cash 60 Prepaid Insurance 61 Prepaid Utilities 62 Expansion Fund 63 Loan Payable 64 Accounts Payable 65 Notes Payable 66 Current Portion of Loan Payable 67 Wages Payable 68 Unearned Revenue 69 Income Tax Payable 70 ($1 par, 3,800,000 authorized, 1,900,000 outstanding) 71 Additional Paid-In Capital 72 Retained Earnings 73 TOTAL 74 75 $8,867,212 $708,750 $62,775 $227,225 $121,500 $10,125 $972,000 $21,060 $7,999 $78,975 $194,400 $222,750 $303,750 $810,000 $132,638 $103,275 $764,757 $270,000 $1,782,000 $1,296,000 $4,536,000 $2,592,000 $243,000 $648,000 $1,944,000 $1,458,000 $102,060 $432,000 $184,000 $202,500 $486,000 $405,000 $363,174 $2,268,000 $81,000 $194,400 $405,000 $250,932 $1,900,000 $486,000 A/R 2018 $1,377,000 $972,000 $1,620,000 $486,000 $150,000 $405,000 $1,296,000 $810,000 $1,900,000 Terry Co. Account Balances As of December 31 2019 $1,458,000 Accounts Payable $363,174 Accumulated Depreciation $2,592,000 Additional Paid In Capital $486,000 Advertising Expense $303,750 Allowance for Bad Debts $81,000 Building $1,296,000 Cash $972,000 Common Stock $1,900,000 ($1 par, 3,800,000 authorized, 1,900,000 outstanding) Consulting and Legal Fee Expense $10,125 Cost of Goods Sold $8,867,212 Current Portion of Loan Payable $81,000 Depreciation Expense $972,000 Equipment $4,536,000 Executive Salaries Expense $708,750 Expansion Fund $486,000 Income Tax Expense $797,325 Income Tax Payable $283,500 Insurance Expense $227,225 Interest Expense $103,275 Inventory $1,944,000 Land $1,782,000 Loan Payable $405,000 Loans to other businesses $648,000 Miscellaneous Admin. Expenses $7,999 Miscellaneous Selling Expenses $78,975 Notes Payable $2,268,000 Office Supplies Expense $62,775 Patents $243,000 Prepaid Insurance $271,500 Prepaid Utilities $202,500 Rent Revenue $50,625 Retained Earnings ??? Sales Discounts $194,400 Sales Force Salaries Expense $222,750 Sales Returns $769,500 Sales Revenue $16,200,000 Selling Commissions Expense $810,000 Shipping Expense $132,638 Unearned Revenue $405,000 Utilities Expense $121,500 Wages Payable $194,400 $15,000 $4,400,000 $81,000 $180,000 $2,106,000 $500,000 $486,000 $450,000 $162,000 $45,000 $50,000 $2,268,000 $1,134,000 $486,000 $648,000 $8,000 $40,000 $1,296,000 $75,000 $243,000 $243,000 $162,000 $19,000 $2,919,500 $50,000 $155,000 $500,000 $8,000,000 $40,000 $100,000 $243,000 $80,000 $202,500Step by Step Solution
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