The following data was taken from the books as at December 31 st of cullumber inc .
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Question:
The following data was taken from the books as at December 31 st of cullumber inc .
Cash $ 14,000,
Income tax expense 5600,
Sales revenue 104400,
Inventory 31600,
Accounts payable 32950,
Operating expenses 19130,
Interest expense 3900,
Income tax expenses 5600,
Prepaid expenses 1370,
Common shares $ 15,000,
Cost of goods sold 58300,
Retained earnings ( as of January 1) 77800,
Bank loan payable 51650,
Equipment 130000, dividend paid 5950,
Accounts receivable 11950
Calculate the balance in the retained earnings accounts as of December 31 balance in retained earnings accounts
Related Book For
Intermediate Accounting
ISBN: 978-0470161012
9th Canadian Edition, Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
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