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Determine the retained earnings balance at December

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Question - The following summarised trail balance has been extracted from the books of Anderson Ltd at 31 December 2012:

Administrative expenses 130,000

Cash at bank 50,000

Distribution Costs 244,000

Dividends paid 35,000

Inventories (as at 1 January 2012) 45,000

Other expenses 24,000

Property, Plant & equipment 700,000

Property, plant & equipment (accumulated depreciation 31/12/12) 250,000

Purchases 490,000

Retained earnings (as at 1 January 2012) 48,000

Sales 1,000,000

Share Capital 500,000

Trade Payables 120,0000

Trade Receivables 200,000

Additional Information (i) Inventories at 31 December 2012 amounted to $43,000. (ii) The Corporation tax charge for the year has been calculated at $25,000.

Required - Determine the retained earnings balance at 31 December 2012?

Reference no: EM133112507

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