Question: I am having problems figuring out the retained earnings based on the following information from the trial balance. I need to put the figured retained

I am having problems figuring out the retained earnings based on the following information from the trial balance. I need to put the figured retained earnings on a balance sheet.

Presented below is the trial balance of Scott Butler Corporation at December 31, 2017.

Debit

Credit

Cash

$ 197,000

Sales

$ 8,100,000

Debt Investments (trading) (cost, $145,000)

153,000

Cost of Goods Sold

4,800,000

Debt Investments (long-term)

299,000

Equity Investments (long-term)

277,000

Notes Payable (short-term)

90,000

Accounts Payable

455,000

Selling Expenses

2,000,000

Investment Revenue

63,000

Land

260,000

Buildings

1,040,000

Dividends Payable

136,000

Accrued Liabilities

96,000

Accounts Receivable

435,000

Accumulated Depreciation-Buildings

152,000

Allowance for Doubtful Accounts

25,000

Administrative Expenses

900,000

Interest Expense

211,000

Inventory

597,000

Gain (extraordinary)

80,000

Notes Payable (long-term)

900,000

Equipment

600,000

Bonds Payable

1,000,000

Accumulated Depreciation-Equipment

60,000

Franchises

160,000

Common Stock ($5 par)

1,000,000

Treasury Stock

191,000

Patents

195,000

Retained Earnings

78,000

Paid-in Capital in Excess of Par

80,000

Totals

$12,315,000

$12,315,000

Prepare a balance sheet at December 31, 2017, for Scott Butler Corporation. (Ignore income taxes).

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