Given the trial balance amounts below,compute ending retained earnings.
Common stock…….$120,000 Accounts payable…...$25,000
Cash………………..$116,640 Accounts receivable.$22,450
Supplies………........$ 1,500 Office equipment…...$23,300
Prepaid rent……….$ 3,200 Unearned revenue….$ 4,152
Service revenue…...$ 20,000 Utilities expense…....$ 422
Beginning Shaving equipment… $31,640
Retained earnings..$ 30,000
A) $19,578
B) $29,578
C) $23,728
D) $49,578
E) $45,000
Correct Answer:
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