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What is the final amount in Retained Earnings

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Question - Consider the following account starting balances and transactions involving these accounts.

Use T-accounts to record the starting balances and the offsetting entries for the transactions.

The starting balance of Cash is $8,400

The starting balance of Inventory is $4,200

The starting balance of Retained Earnings is $23,500

1. Consume good or service and pay expense of $2.

2. Sell product for $40 in cash with historical cost of $32.

3. Sell, deliver, and receive payment of $25 for service.

Required - What is the final amount in Retained Earnings?

Reference no: EM132531596

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