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In: Accounting

The following account balances are taken from the books of Country Club on 31 December 2017....

The following account balances are taken from the books of Country Club on 31 December 2017. Revenues and expenses are for the year ended 31 December 2017. The retained profits balance is as at 1 January 2017.

Account Value ($)

Accounts Receivable 29826

Accounts Payable 25242

Promotional Expense 54245

Cash 5420.0

Food Sales 15215

Cost of food sold 13080

Dividend payments 8138

Electricity Expense 6385

Furniture and fittings 42,500

Inventory 22,500

Land and buildings 75,000

Bank loan payable 43,750

Equipment 51,250

Rent expense 41372

Retained profits (1 January 2016) 74698

Share capital 75,000

Membership revenue 103430

Calculate the retained earnings for the year ended 31 December 2017.

Expert Solution

Balance Sheet
As on Dec 31, 2017
Assets
Current Assets
Cash	5,420.00
Accounts Receivable	29,826.00
Inventory	22,500.00	57,746.00

Property, Plant & Equipment
Furniture & Fittings	42,500.00
Land & Buildings	75,000.00
Equipment	51,250.00	168,750.00

Total Assets		226,496.00

Liabilities & Stockholders' Equity
Laibilities
Current Liabilities
Accounts Payable		25,242.00

Long Term Liabilities
Bank Loan Payable		43,750.00

Total Liabilities		68,992.00

Stockholders' Equity
Common Stock	75,000.00
Retained Earnings (Bal. Fig.)	82,504.00

Total Stockholders' Equity		157,504.00

Total Liabilities & Stockholders' Equity		226,496.00

Income Statement
For the Year Ended Dec 31, 2017
Revenue
Sales	15,215.00
Membership Revenue	103,430.00	118,645.00

Expenses:
Cost of FoodsSold	13,080.00
Promotional Expense	54,245.00
Electricity Expense	6,385.00
Rent Expense	41,372.00	115,082.00
Net Income		3,563.00


Statement of Retained Earnings
For the Year Ended Dec 31, 2017
Beginning Balance, Jan 1, 2017 - Bal Fig.	87,079.00
Net Income	3,563.00
Dividends Paid	(8,138.00)
Ending Balance Dec 31, 2017	82,504.00

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