Given the Trial Balance Amounts Below,compute Ending Retained Earnings

question 81

Multiple Choice

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

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Definitions:

Hand Labor

Work that is done manually by human workers, as opposed to being performed by machines or automated processes.

Benchmarking

Selecting a demonstrated standard of performance that represents the very best performance for a process or an activity.

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Separate sections or branches of an organization, each responsible for specific operations or functions within the larger entity.

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