The Following Is a Partial List of Account Balances for the Fisherman's

question 25

Essay

The following is a partial list of account balances for the Fisherman's Supply at December 31, Year 1:
$\begin{array}{lr}\text { Cash } & 87,450 \\\text { Accounts receivable } & 24,800 \\\text { Inventory } & 197,450 \\\text { Supplies } & 3,600\\\text { Land } & 134,800 \\\text { Accounts payable } & 47,500 \\\text { Common stock } & 30,000 \\\text { Retained earnings } & 78,250 \\\text { Sales revenue } & 490,350\\\text { Cost of goods sold }&399,250 \\\text { Salaries expense } & 36,250 \\\text { Utilities expense } & 9,500 \\\text { other operating expense } &30,000\\\text { Gain on sale of land }&7,000\end{array}$ After the temporary accounts are closed, what is the balance of Retained Earnings?From the above information, prepare a multistep income statement.

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Definitions:

Bartolome de Las Casas

A 16th-century Spanish friar and social reformer who advocated for the rights of indigenous peoples in the Americas.

Spanish Conquistadors

Explorers and soldiers from Spain who, during the 16th century, conquered much of the Americas and parts of what is now the southwestern United States.

English Control

The dominance or governance by England or Great Britain over certain territories, colonies, or geopolitical interests, historically through colonialism and imperialism.

Dutch Colony

Territories around the world that were controlled by the Netherlands from the 16th to the 20th century, notable for their trade networks and colonial influence.