Use the following data, taken from the adjusted trial balance, for
$$\begin{array} { l r r }
& \text { Debit } & \text { Credit } \
\text { Cash } & € 3,712 & \
\text { Accounts Receivable } & 3,904 & \
\text { Supplies } & 480 & \
\text { Accounts Payable } & & € 1,792\\text { Unearned Revenue } & & 160 \
\text { Share Capital-ordinary } & & 5,000 \
\text { Retained Earning } & & 760 \
\text { Dividends } & 300 & \
\text { Service Revenue } & & 4,064\\text { Salaries Expense } & 1,344 \
\text { Miscellaneous Expense } & 256 \
\text { Supplies Expense } & 2,228\\text { Salaries Payable }&&448\
\text { Total }&€12.224&€12.224\
\end{array}$$
-What amount will be reflected for Retained Earning in the Statement of Financial Position columns of the worksheet?

Question

Use the following data, taken from the adjusted trial balance, for 
 $$\begin{array} { l r r } 
& \text { Debit } & \text { Credit } \
\text { Cash } & € 3,712 & \
\text { Accounts Receivable } & 3,904 & \
\text { Supplies } & 480 & \
\text { Accounts Payable } & & € 1,792\\text { Unearned Revenue } & & 160 \
\text { Share Capital-ordinary } & & 5,000 \
\text { Retained Earning } & & 760 \
\text { Dividends } & 300 & \
\text { Service Revenue } & & 4,064\\text { Salaries Expense } & 1,344 \
\text { Miscellaneous Expense } & 256 \
\text { Supplies Expense } & 2,228\\text { Salaries Payable }&&448\
\text { Total }&€12.224&€12.224\
\end{array}$$
-What amount will be reflected for Retained Earning in the Statement of Financial Position columns of the worksheet?

Quizplus · Accepted Answer

Retained Earning is a part of Shareholder's Equity and is reported in the Statement of Financial Position. The balance of Retained Earning as of the end of the period is €760.

Use the Following Data, Taken from the Adjusted Trial Balance