Reference no: EM133378761

Question: The following are the account balances of Suzy's Styling at December 31, 2022: Cash 2,900 Accounts payable 1,100 Supplies 690 Deferred revenue 700 Supplies expense 1,260 Service revenue 48,000 Prepaid insurance 900 Wages payable 800 Insurance expense 1,800 Wage expense 11,500 Accounts receivable 1,500 Income tax expense 2,300 Rent expense 12,000 Contributed capital 5,700 Prepaid rent 2,000 Notes payable 15,000 Equipment 60,000 Interest expense 1,200 Depreciation expense 6,000 Dividends declared 5,000 Accumulated depreciation 12,000 Retained earnings - Jan 1/22 24,750 The net income for the year ended December 31, 2022 was correctly determined to be $12,940. Required: Calculate the balance in retained earnings on December 31, 2022 after closing entries have been recorded.