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:

War Industries Board

An agency of the U.S. government created in World War I to manage the creation of materials for the war and distribute industrial goods.

Red Scare

A period of intense fear of communism and radical political ideologies in the United States, especially prominent after World War I and during the Cold War.

Postwar Strikes

Work stoppages and labor strikes that occur after the end of a war, often due to economic and social unrest.

Communist Agents

Individuals who secretly work on behalf of a communist government or organization to spread communism, gather intelligence, or influence the politics of other nations.