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How do I find the retained earnings from these numbers? I know I have inputted all of the other numbers in correctly, but cannot come
How do I find the retained earnings from these numbers? I know I have inputted all of the other numbers in correctly, but cannot come up with the correct retained earnings for the life of me. My understanding is that I need to subtract liabilities and capitol investments from assets, however, that is not turning up the correct answer when I identify as such.
Glidden Consulting provides marketing research for clients in the retail industry. The company had the following adjusted balances at December 31, 2020: Accumulated Depreciation Accounts Payable General and Administrative Expense Consulting Fees Earned 89, 380 19,800 2,569, 300 324,300 Accounts Receivable Building and Equipment Contributed Capital Income Taxes Payable 233,900 340, 040 250,370 13,420 Accrued Liabilities Cash Dividends Declared Interest Expense 29,050 190,000 6,700 18,900 Land Other Revenue Supplies Utilities Expense 63,400 22,500 15,600 26,930 Notes Payable Prepaid Expenses Training Expenses Wages and Benefits Expense 165, 100 11,900 22,000 1,607,000 Other Assets Rent Expense Travel Expense 196,000 155, 480 24,840 Other Operating Expenses Deferred Consulting Fees Retained Earnings 205,000 ? 34,200 Required: 1. Prepare an adjusted trial balance listing the accounts in proper order at December 31, 2020. Solve for the "?" in Retained Earnings. Credit 19,800 GLIDDEN CONSULTANTS, INC. Adjusted Trial Balance At December 31, 2020 Account Titles Debit Cash $ 190,000 Accounts receivable 233,900 Supplies 15,600 Prepaid expenses 11,900 Other assets 196,000 Building and equipment 340,040 Accumulated depreciation Land 63,400 Accounts payable Accrued liabilities Deferred consulting fees Income taxes payable Notes payable Contributed capital Retained earnings Dividends declared 6,700 Consulting fees earned Other revenue Wages and benefits expense 1,607,000 89,380 29,050 34,200 13,420 165, 100 250,370 2,569,300 22,500 11,900 Prepaid expenses Other assets 196,000 340,040 Building and equipment Accumulated depreciation 19,800 Land 63,400 Accounts payable 89,380 Accrued liabilities 29,050 34,200 Deferred consulting fees Income taxes payable 13,420 Notes payable 165,100 250,370 Contributed capital Retained earnings Dividends declared 6,700 Consulting fees earned 2,569,300 22,500 Other revenue Wages and benefits expense General and administrative expense 1,607,000 324,300 205,000 Other operating expenses Rent expense 155,480 Utilities expense 26,930 Travel expense 24,840 22,000 Training expenses Interest expense 18,900 3,441,990 Totals $ $ 3,193,120
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