Solution-Calculate the year ending balance in retained

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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Calculate the year ending balance in retained earnings

Reference no: EM13492266

Reference no: EM13492266

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