The Following Account Balances Were Included In The Trial Balance Of Vaughn Corporation At June 30, 2020.

 The Retained Earnings account had a balance of $317.200 at July 1, 2019. There are 81,220 shares of common stock outstanding.

  

Transcribed Image Text:

Sales revenue $1,598,500 Depreciation expense (office furniture and equipment) Sales discounts 32,220 Property tax expense Cost of goods sold Salaries and wages expense (sales) Sales commissions 906,900 Bad debt expense (selling) 56,410 Maintenance and repairs expense (administration) 98,220 Office expense Travel expense (salespersons) 29,700 Sales returns and allowances Delivery expense 21,460 Dividends received Entertainment expense 15,040 Interest expense Telephone and Internet expense (sales) Depreciation expense (sales equipment) Maintenance and repairs expense (sales) Miscellaneous selling expenses Office supplies used Telephone and Internet expense (administration) 9,050 Income tax expense 4,483 Depreciation understatement due to error-2017 (net of tax 6,125 Dividends declared on preferred stock 5,055 Dividends declared on common stock 3,151 2.639 Sales revenue $1,598,500 Depreciation expense (office furniture and equipment) Sales discounts 32,220 Property tax expense Cost of goods sold Salaries and wages expense (sales) Sales commissions 906,900 Bad debt expense (selling) 56,410 Maintenance and repairs expense (administration) 98,220 Office expense Travel expense (salespersons) 29,700 Sales returns and allowances Delivery expense 21,460 Dividends received Entertainment expense 15,040 Interest expense Telephone and Internet expense (sales) Depreciation expense (sales equipment) Maintenance and repairs expense (sales) Miscellaneous selling expenses Office supplies used Telephone and Internet expense (administration) 9,050 Income tax expense 4,483 Depreciation understatement due to error-2017 (net of tax 6,125 Dividends declared on preferred stock 5,055 Dividends declared on common stock 3,151 2.639

Answer rating: 100% (QA)

Statement of Retained Earnigs for the year ended june 302020 VAUGHN CORPORATION Retained Earnigs Sta... View the full answer