Question
The following balances are available from the unadjusted trail balance below for 2016. Account Balance Cash $ 12,000 Accounts Receivable 3,000 Inventory 5,000 Investments 2,500
The following balances are available from the unadjusted trail balance below for 2016.
| Account | Balance |
| Cash | $ 12,000 |
| Accounts Receivable | 3,000 |
| Inventory | 5,000 |
| Investments | 2,500 |
| Accounts Payable | 4,000 |
| Dividends Payable | 2,000 |
| Bonds Payable | 4,500 |
| Sales Revenue | 10,000 |
| Service Revenue | 1,000 |
| COGS | 7,000 |
| Wage Expense | 1,000 |
| Rent expense | 500 |
| Dividends Declared | 450 |
| Common stock | 2,000 |
| Retained earnings on of 1/1/2016 | $ 11,950 |
After the necessary closing entry for 2016, what will be the ending 2016 balance of retained earnings?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Internal Auditing Principles And Techniques
Authors: Richard L. Ratliff, W. Wallace, Walter B. Mcfarland, J. Loeboecke
2nd Edition
0894133268, 978-0894133268
