Refer to PE 4-16. Using the adjusted trial balance prepared in part (2), prepare a balance sheet as of the end of the year. Note: The ending retained earnings balance is equal to the beginning balance plus the amount of net income less the amount of dividends.

PE 4-16

Before any adjusting entries were made, the company prepared the following trial balance as of December 31:

Transcribed Image Text:

Credit Notes Receivable Prepaid Rent. 216,000 Accounts Payable Unearned Fee Revenue Capital Stock.. Retained Earnings Dividends . Fee Revenue . $ 150,000 244,000 79,000 $1,040,000 Utilities Expense Totals $1,040,000