my retained earning balance is off and im not sure what it could be?
here is the additional info
View History Bookmarks Window Help connectmeducation.com C . Ansignee Accounting Principles Chapter 7 Errcises Det Homework Help With Chege Study Exercises a Exercise 7-21 Part 5 Prepare a classified balance sheet as of January 31, 2021 (Deductible amounts should be indicated with a minus sign.) TNT FIREWORKS Balance Sheet January 31, 2021 Assets Liabilities Accounts Receivable Les: Allowance inventory Ts 4200 Accounts Payable 229.800 Sales Payable (8,580) Income Tax Payable 7800 137 000 Total Current Assets Total Current L es 233,020 Stockholder's Equity 161.000 (Common Stock 20.100 Reared Emings 19.200 Luipment Notes Receivable 226 000 70.320 Tulos El Total Labs and Stockholders' Equity $ 433,320 5 433,320 MacBook Air Required information Exercise 7-21 Complete the accounting cycle using long-term asset transactions (LO7-4, 7-7) [The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances: Credit Debit $ 59,300 26, 200 $ 2,800 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (54, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 36,900 19,200 161,000 15,400 226,000 58,400 $302,600 5302,600 During January 2021, the following transactions occur. January 1Purchase equipment for $20,100. The company estimates a residual value of $2,100 and a four-year service life. January 4 Pay cash on accounts payable, $10,100. January 8 Purchase additional inventory on account, $88,900. January 15 Receive cash on accounts receivable, $22,600. January 19 Pay cash for salaries, $30, 400. January 28 Pay cash for January utilities, $17, 100. January 30 Sales for January total $226,000. All of these sales are on account. The cost of the units sold is $118,000. Information for adjusting entries: a. Depreciation on the equipment for the month of January is calculated using the straight-line method. b. The company estimates future uncollectible accounts. The company determines $3,600 of accounts receivable on January 31 are past due, and 50% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 3% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) c. Accrued interest revenue on notes receivable for January d. Unpaid salaries at the end of January are $33,200. e. Accrued income taxes at the end of January are $9,600. View History Bookmarks Window Help connectmeducation.com C . Ansignee Accounting Principles Chapter 7 Errcises Det Homework Help With Chege Study Exercises a Exercise 7-21 Part 5 Prepare a classified balance sheet as of January 31, 2021 (Deductible amounts should be indicated with a minus sign.) TNT FIREWORKS Balance Sheet January 31, 2021 Assets Liabilities Accounts Receivable Les: Allowance inventory Ts 4200 Accounts Payable 229.800 Sales Payable (8,580) Income Tax Payable 7800 137 000 Total Current Assets Total Current L es 233,020 Stockholder's Equity 161.000 (Common Stock 20.100 Reared Emings 19.200 Luipment Notes Receivable 226 000 70.320 Tulos El Total Labs and Stockholders' Equity $ 433,320 5 433,320 MacBook Air Required information Exercise 7-21 Complete the accounting cycle using long-term asset transactions (LO7-4, 7-7) [The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances: Credit Debit $ 59,300 26, 200 $ 2,800 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable (54, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 36,900 19,200 161,000 15,400 226,000 58,400 $302,600 5302,600 During January 2021, the following transactions occur. January 1Purchase equipment for $20,100. The company estimates a residual value of $2,100 and a four-year service life. January 4 Pay cash on accounts payable, $10,100. January 8 Purchase additional inventory on account, $88,900. January 15 Receive cash on accounts receivable, $22,600. January 19 Pay cash for salaries, $30, 400. January 28 Pay cash for January utilities, $17, 100. January 30 Sales for January total $226,000. All of these sales are on account. The cost of the units sold is $118,000. Information for adjusting entries: a. Depreciation on the equipment for the month of January is calculated using the straight-line method. b. The company estimates future uncollectible accounts. The company determines $3,600 of accounts receivable on January 31 are past due, and 50% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 3% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) c. Accrued interest revenue on notes receivable for January d. Unpaid salaries at the end of January are $33,200. e. Accrued income taxes at the end of January are $9,600
