Calculate retained earnings balance at december 31

Assignment Help Financial Accounting

Reference no: EM13170728

An adjusted trial balance for Success Limited at December 31, 2011 follows,

Investment in long-term notes	Debit 500,000	Credit
Investment in long-term notes	Debit 500,000
Non-current portion of long-term loan payable		700,000
Prepaid rent	30,000
Rent expense	180,000
Retained earnings, Ja mar). 1, 2011.		843,000
Sales revenue		1,820„000
Stationery supplies	5„000
Stationery expense	22,000
Unearned revenue		42,000
Wages expense	174,000
Wages payable		34,000
Accounts payable		$282,000
Accounts receivable	$200,000
Accumulated depreciation, December 31, 2011		90,000
Advertising expense	36,000
Cash	638,000
Common stock		200,000
Cost of goods sold	740,000
Current portion of long-term loan payable		50,000
Depreciation expense	26,000
Dividends	46,000
Equipment
Income tax expense	56,000
Interest expense	68,000
Interest payable		10,000
Inventory	110,000
Total	1,071M

Instruction:

(a) Calculate net income in. 2011,

(b) Calculate retained earnings balance at December 31, 2011

Reference no: EM13170728

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