Calculate the year ending balance in retained earnings

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Reference no: EM13492266

The adjusted trial balance of a company at the end of the accounting year, December 31, showed the following.

 

Account Titles

Debit


Credit

Cash

$16,000



Machinery

72,000



Accumulated depreciation



$12,800

Accounts payable



5,600

Capital Stock



16,000

Retained earnings



47,200

Service revenue



32,000

Interest expense

3,200



Operating expenses

13,600



Depreciation expense

8,800



Totals

$113,600


$113,600


Prepare all the required closing entries for the company at December 31. Calculate the year ending balance in retained earnings.

 

Reference no: EM13492266

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