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Problem 1: From the following trial balance to prepare a statement of retained earnings assuming beginning balance of retained earnings account is $5000 as of January 1, 2017
cash $1800
accounts receivable $2000
supplies $1000
accumulative depreciation/equipment $3500
accounts payable $1200
salaries payable $4000
notes payable $3000
common stock $8000
dividends $1500
service revenue $23,000
rent expense 6000
Supplies expense $1900
depreciation expense $1500
interest expense $2000
total $42,700
Financial Statement Analysis and Preparation
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