Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Today

Authors: Emile Woolf

6th Edition

0135894662, 978-0135894668

More Books

Students also viewed these Accounting questions