Based on the following information,what would be the balance in the Retained Earnings Account,assuming all accounts have a normal balance?
$\begin{array}{lrlr}
\text { Cash } & \$ 6,754 & \text { Dividends } & \$ 2,000 \
\text { Accounts receivable } & 13,733 & \text { Consulting fees earned } & 13,718 \
\text { Office supplies } & 2,625 & \text { Rent expense } & 3,673 \
\text { Land } & 37,153 & \text { Salaries expense } & 6,642 \
\text { Office equipment } & 14,535 & \text { Telephone expense } & 560 \
\text { Accounts payable } & 6,463 & \text { Miscellaneous expense } & 280 \
\text { Common stock } & 54,490 & \text { Retained earnings } & ?
\end{array}$

A) $0
B) $13,718
C) $13,155
D) $13,284
E) $2,563

Question

Based on the following information,what would be the balance in the Retained Earnings Account,assuming all accounts have a normal balance?
$\begin{array}{lrlr}
\text { Cash } & \$ 6,754 & \text { Dividends } & \$ 2,000 \
\text { Accounts receivable } & 13,733 & \text { Consulting fees earned } & 13,718 \
\text { Office supplies } & 2,625 & \text { Rent expense } & 3,673 \
\text { Land } & 37,153 & \text { Salaries expense } & 6,642 \
\text { Office equipment } & 14,535 & \text { Telephone expense } & 560 \
\text { Accounts payable } & 6,463 & \text { Miscellaneous expense } & 280 \
\text { Common stock } & 54,490 & \text { Retained earnings } & ?
\end{array}$

A) $0
B) $13,718
C) $13,155
D) $13,284
E) $2,563

Quizplus · Accepted Answer

The balance in Retained Earnings is calculated as: Consulting fees earned ($13,718) - Rent expense ($3,673) - Salaries expense ($6,642) - Telephone expense ($560) - Miscellaneous expense ($280) - Dividends ($2,000) = $13,284.

Based on the Following Information,what Would Be the Balance in the Retained