Question
Expo & Burts adjusted trial balance is as follows: Account Title Debits Credits Accounts payable 90,000 Accounts receivable 170,000 Accumulated depreciation equipment 260,000 Common stock
Expo & Burts adjusted trial balance is as follows:
Account Title | Debits | Credits |
Accounts payable |
| 90,000 |
Accounts receivable | 170,000 |
|
Accumulated depreciation equipment |
| 260,000 |
Common stock |
| 490,000 |
Cash | 26,000 |
|
Cost of goods sold | 480,000 |
|
Depreciation expense | 60,000 |
|
Equipment | 700,000 |
|
Interest expense | 4,000 |
|
Inventory | 150,000 |
|
Note payable (due in six months) |
| 60,000 |
Rent expense | 30,000 |
|
Retained earnings |
| 62,000 |
Salaries payable |
| 8,000 |
Sales revenue |
| 770,000 |
Salaries expense | 120,000 |
|
TOTALS | 1,740,000 | 1,740,000 |
|
|
|
What is the credict impact on retained earnings that the firm would report in their post-closing trial balance?
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