The Balances for the Accounts of Lance's Consulting Firm,Inc Calculate Ending Retained Earnings

question 163

Short Answer

The balances for the accounts of Lance's Consulting Firm,Inc.for the year ended December 31 are shown below.Each account shown had a normal balance.
$$\begin{array} { l r l r } \text { Accounts payable } & \$ 6,400 & \text { Wages expense } & \$ 35,000 \\\text { Accounts receivable } & 7,000 & \text { Rent expense } & 5,000 \\\text { Cash } & 10,000 & \text { Retained earnings } & 68,700 \\\text { Office supplies } & 1,000 & \text { Land } & 53,000 \\\text { Building } & 99,000 & \text { Unearned revenue } & 7,000 \\\text { Supplies expense } & 15,000 & \text { Dividends } & 20,000 \\\text { Consulting revenue } & 150,000 & \text { Common stock } & 12,900\end{array}$$
Calculate ending retained earnings.

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Definitions:

Medullary Respiratory Center

A region in the medulla oblongata of the brain that regulates the rate and depth of breathing.

Ventral Respiratory Group

The ventral respiratory group is a cluster of neurons located in the medulla oblongata that plays a crucial role in regulating the rhythm of breathing.

Intercostal Muscles

Muscles located between the ribs that play an essential role in the mechanics of breathing.

Diaphragm

A large, dome-shaped muscle located below the lungs that plays a key role in breathing by contracting and relaxing to alter the size of the thoracic cavity.