What is the Retained Earnings? The answer is not $55,800.

! Required information [The following information applies to the questions displayed below.) Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Tunstall, Inc. Unadjusted Trial Balance for the Year Ended December 31 Credit Debit 46,600 10,600 550 740 16,800 7,900 10,860 2,250 Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable Income taxes payable Notes payable, long-term Common stock (5,300 shares outstanding) Additional paid-in capital Retained earnings Service revenue Wages expense Remaining expenses (not detailed; excludes income tax) Income tax expense Totals 12,000 2,046 18,414 5,800 87,200 16, 200 33,260 135,610 135,610 Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $220 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $740. c. Depreciation expense for the current year, $3,700. d. Wages earned by employees not yet paid on December 31, $610. e. Income tax expense, $4,880. 2-b. Prepare a classified balance sheet that include the effects of the preceding five transactions. (Amounts to be deducted should be indicated by a minus sign.) Answer is complete but not entirely correct. Assets Current assets TUNSTALL, INC. Balance Sheet At December 31 of the Current Year Liabilities and stockholders' equity Current liablities $ Accounts payable 46,600 10,600 Wages payable 220 Income taxes payable Cash $ 2,250 Accounts receivable OOO 610 Supplies 4,880 Total current assets $ $ 7,740 12,000 Service trucks Accumulated depreciation Other assets $ 19,740 57,420 Total current liabilities 16,800 Notes payable, long-term (11,600) 10,860 Total liabilities Stockholders' equity Common stock Additional paid-in capital Retained earnings 2,046 18,414 55,800 X Total stockholders' equity Total liabilities and stockholders' equity $ $ 76,260 96,000 Total assets 73,480