The following selected accounts and account balances were taken from the records of XYZ Company. Except...

 

Transcribed Image Text:

The following selected accounts and account balances were taken from the records of XYZ Company. Except as otherwise indicated, all balances are as of December 31, Year 2, before the closing entries were recorded. XYZ Co. General Journal (in part) Consulting Revenue Cash Cash received from common stock issued during Year 1 Travel expense Dividends Cash flow from investing activities Rent expense $ 18,200 35,600 6,000 2,100 4,000 5,200 3,500 10,000 16,200 7,200 2,600 16,000 2,300 Payment to reduce debt principal Retained earnings, January 1, Year 2 Salary expense 4 Cash flow from operating activities Common stock, December 31, Year 2 Other operating expenses Required: What was the balance in the retained earnings account as shown on XYZ Company's Balance Sheet as of December 31, Year 2? The following selected accounts and account balances were taken from the records of XYZ Company. Except as otherwise indicated, all balances are as of December 31, Year 2, before the closing entries were recorded. XYZ Co. General Journal (in part) Consulting Revenue Cash Cash received from common stock issued during Year 1 Travel expense Dividends Cash flow from investing activities Rent expense $ 18,200 35,600 6,000 2,100 4,000 5,200 3,500 10,000 16,200 7,200 2,600 16,000 2,300 Payment to reduce debt principal Retained earnings, January 1, Year 2 Salary expense 4 Cash flow from operating activities Common stock, December 31, Year 2 Other operating expenses Required: What was the balance in the retained earnings account as shown on XYZ Company's Balance Sheet as of December 31, Year 2?

Answer rating: 100% (QA)

Answer Nowell Company Income Statement For ... View the full answer