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The Following Is the Adjusted Trial Balance for Baker Services

question 165

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The following is the adjusted trial balance for Baker Services.  Accounts  Debit  Credit  Cash $34,000 Accounts Receivable 28,000 Prepaid Insurance 7,500 Office Supplies 3,000 Land 48,000 Building 150,000 Accumulated Depreciation-Building $15,500 Equipment 71,000 Accumulated Depreciation-Equipment 7,000 Accounts Payable 23,000 Salaries Payable 4,000 Unearned Revenue 29,000 Mortgage Payable 100,000 Common Stock 10,000 Retained Earnings 11,500 Dividends 22,000 Service Revenue 280,000 Salaries Expense 62,000 Depreciation Expense-Building and  Equipment 5,900 Supplies Expense 14,000 Insurance Expense 14,600 Utilities Expense 20,000 Total $480,000$480,000\begin{array}{|c|c|c|}\hline \text { Accounts } & \text { Debit } & \text { Credit } \\\hline \text { Cash } & \$ 34,000 & \\\hline \text { Accounts Receivable } & 28,000 & \\\hline \text { Prepaid Insurance } & 7,500 & \\\hline \text { Office Supplies } & 3,000 & \\\hline \text { Land } & 48,000 & \\\hline \text { Building } & 150,000 & \\\hline \text { Accumulated Depreciation-Building } & & \$ 15,500 \\\hline \text { Equipment } & 71,000 & \\\hline \text { Accumulated Depreciation-Equipment } & & 7,000 \\\hline \text { Accounts Payable } & & 23,000 \\\hline \text { Salaries Payable } & & 4,000 \\\hline \text { Unearned Revenue } & & 29,000 \\\hline \text { Mortgage Payable } & & 100,000 \\\hline \text { Common Stock } & & 10,000 \\\hline \text { Retained Earnings } & & 11,500 \\\hline \text { Dividends } & 22,000 & \\\hline \text { Service Revenue } & & 280,000 \\\hline \text { Salaries Expense } & 62,000 & \\\hline \begin{array}{l}\text { Depreciation Expense-Building and } \\\text { Equipment }\end{array} & 5,900 & \\\hline \text { Supplies Expense } & 14,000 & \\\hline \text { Insurance Expense } & 14,600 & \\\hline \text { Utilities Expense } & 20,000 & \\\hline \text { Total } & \$ 480,000 & \$ 480,000 \\\hline\end{array} After the closing entries are posted, what is the balance in Retained Earnings?


Definitions:

Natural Law

a philosophy proposing that certain rights or values are inherent by virtue of human nature and can be universally understood through human reason.

Social Values

Principles and standards shared by a community that guide behavior and influence societal norms and the functioning of social institutions.

Ordinances

Local laws or regulations enacted by municipal governments to govern behavior and activities within their jurisdiction.

Municipalities

Political subdivisions within a state that have their own government and typically encompass cities, towns, or villages.

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