Accounting help!

1440ski

Active member
Can anyone figure this out fast? I seem to be doing something wrong and can't get the right answer. +kkk Need it done in the next 15 minutes.

Given the following list of account balances and the beginning Retained Earnings balance of $25,000, compute the ending balance for Retained Earnings.

Account

Account Balance

Sales Revenue

$ 15,000

Dividends

1,300

Accounts Receivable

2,100

Supplies Expense

600

Interest Payable

400

Dividend Revenue

1,100

Interest Expense

800

Cost of Goods Sold

8,200

31,900

30,200

42,300

29,800

 
retained earnings = net income - dividends

net income = net revenue - cogs - adm. expenses - interest expense

= (15k + 1.1k) - 8.2k - 600 - 800

= 6.5k

retained earnings = 6.5k - 1.3k

= 5.2k

25k + 5.2k = 30.2k

 
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