Question

​Randall's Service Company began operations on January​ 1, 2019. The following Trial Balance was prepared on December​ 31, 2019. Capital contributions during the year were

$56,000.

​Randall's Service Company
Trial Balance
December​ 31, 2019
Account Title	Debit	Credit
Cash	​$25,400
Accounts Receivable	​5,000
Prepaid Rent	​1,200
Office Supplies	​3,400
Land	​45,000
Building	​16,500
Equipment	​23,000
Accounts Payable		​$15,000
Unearned Revenue		​5,000
Notes Payable		​25,000
Common Stock		56,000
Dividends	6,500
Service Revenue		79,100
Salaries Expense	34,000
Rent Expense	14,000
Office Expense	5,000
Repair Expense	1,100
Total	​180,100	​$180,100

What is the December​ 31, 2019 balance of Retained​ Earnings?

Answer 1

Service revenue				79,100
less:Expenses
Salaries expense			34,000
rent expense			14,000
office expense			5,000
repair expense			1,100
total expense				54,100
net income				25,000
Statement of retained earnings
opening retained earnings balance					0
add net income for the year					25,000
					25000
less dividends					6,500
closing retained earnings dec 31,2019					18,500	answer