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What is the ending retained earnings

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Reference no: EM132825041

The accounts balances for Jimmy Thomas Enterprises as of December 31st 2021 are as follows

Accounts payable: $4,000
Accounts Receivable: $ 19,000
Buildings and Equipment $190,000
Cash: $30,000
Common Stock: $50,000
Dividends: $15,000
Long term notes payable: $150,000
Miscellaneous expense: $10,000
Prepaid insurance: $40,000
Retained earnings:( beginning balance): $44,000
Sales Revenue: $200,000
Unearned Revenue: $5,000
Utilities expense: $29,000
Wage expense: $120,000

Problem a: If the beginning retained earnings balance is $44,000 what is the ending retained earnings? Calculate the net income.

Reference no: EM132825041

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