Randall's Service Company began operations on January 1,2019.The following Trial Balance was prepared on December 31,2019.Capital contributions during the year were $54,000.

What is the December 31,2019 balance of Retained Earnings?

Question

Randall's Service Company began operations on January 1,2019.The following Trial Balance was prepared on December 31,2019.Capital contributions during the year were $54,000.

What is the December 31,2019 balance of Retained Earnings?

Quizplus · Accepted Answer

C)Service Revenue $83,100 Less (Salaries Expense $34,000 + Rent Expense $15,000 + Office Expense $6,000 + Repair Expense $1,300)Equals Net Income $26,800
Beginning RE $0+ Net Income $26,800 - Randall,Withdrawals $6,300 = Ending RE $20,500

Randall's Service Company Began Operations on January 1,2019