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How do you find the beginning retained earnings for the following information? The ledger of AISExperts Inc. showed the following balances after adjustment, but before
How do you find the beginning retained earnings for the following information?
The ledger of AISExperts Inc. showed the following balances after adjustment, but before closing, on December 31, 2020, the end of the current year:
| Accounts payable | 82000 |
| Accounts receivable | 100580 |
| Accumulated depreciation equipment | 36540 |
| Depreciation expense | 10000 |
| Marketable securities | 11250 |
| Interest revenue | 1100 |
| Cash | 78470 |
| Finished goods inventory | 73500 |
| Available-for-sale securities | 6000 |
| Common stock (10,000 shares outstanding) | 100000 |
| Prepaid rent | 14500 |
| Cost of goods sold | 625650 |
| Dividends declared | 32000 |
| Insurance expense | 2200 |
| Lease obligation | 5200 |
| Equipment | 114450 |
| General expenses | 110250 |
| Interest expense | 5800 |
| Raw materials inventory | 51000 |
| Rent expense | 2000 |
| Prepaid insurance | 11325 |
| Retained earnings | ? |
| Dividend revenue | 10250 |
| Work-in-process inventory | 52200 |
| Leased equipment | 6000 |
| Salaries payable | 26700 |
| Sales | 987500 |
| Selling expenses | 136210 |
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