Question
Eilish Wigs Ltd. has the following trial balance: Eilish Wigs Ltd Trial Balance December 31, 2020 Dr Cr Cash $ 9,0009,000 Accounts receivable 3,0003,000 Capital
Eilish Wigs Ltd. has the following trial balance:
Eilish Wigs Ltd | |||
Trial Balance | |||
December 31, 2020 | |||
| Dr | Cr |
|
Cash | $ 9,0009,000 |
|
|
Accounts receivable | 3,0003,000 |
|
|
Capital assets | 27,00027,000 |
|
|
Accumulated depreciation |
| $ 7,0007,000 |
|
Accounts payable |
| 4,2004,200 |
|
Loan payable |
| 2,8002,800 |
|
Dividends declared | 4,5004,500 |
|
|
Common stock |
| 10,00010,000 |
|
Retained earnings |
| 15,50015,500 |
|
Sales |
| 10,50010,500 |
|
Office expense | 3,5003,500 |
|
|
Insurance expense | 1,9001,900 |
|
|
Interest expense | 1,1001,100 |
|
|
Totals | $ 50,00050,000 | $ 50,00050,000 |
|
Fill in the following statement of retained earnings:
Opening retained earnings $ Answer
Net income Answer
Dividends Answer
Closing retained earnings $ Answer
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