Prepare Statement of Retained Earnings for the year ended December 31, 2020. KEN HENSLEY ENTERPRISES, INC.UNADJUSTED TRIAL BALANCEDECEMBER 31, 2020Cash .43,170Accounts receivable.81,400Studio supplies .7,600Unexpired insurance.500Prepaid studio rent. .4,000Recording equipment.90,000Accumulated depreciation: recording equipment.52,500Notes payable. .16,000Interest payable .840Income taxes payable. .3,200Unearned studio revenue9,600Capital stock .80,000Retained earnings.38,000 Studio revenue earned .107,000Dividend..2000Salaries expense .16,000Supplies expense .1,200Insurance expense2,680Depreciation expense: recording equipment .16,500Studio rent expense21,000Interest expense840Utilities expense.2,350Income taxes expense17,900307,140307,140

The amount that the business earns after the expenses are spent is the net income. When the opening…

Answered: Prepare Statement of Retained Earnings…

Business

Accounting

Prepare Statement of Retained Earnings for the year ended December 31, 2020

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 2MC

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The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. TYBALT CONSTRUCTIONAdjusted Trial BalanceDecember 31No.Account TitleDebit Credit101Cash$5,000 104Short-term investments 23,000 126Supplies 8,100 128Prepaid insurance 7,000 167Equipment 40,000 168Accumulated depreciation—Equipment $20,000 173Building 150,000 174Accumulated depreciation—Building 50,000 183Land 55,000 201Accounts payable 16,500 203Interest payable 2,500 208Rent payable 3,500 210Wages payable 2,500 213Property taxes payable 900 236Unearned revenue 7,500 244Current portion of long-term note payable 7,000 251Long-term notes payable 60,000 307Common stock 5,000 318Retained earnings 121,400 319Dividends 13,000 404Services revenue 97,000 406Rent revenue 14,000 407Dividends revenue 2,000 409Interest revenue 2,100 606Depreciation expense—Building 11,000 612Depreciation expense—Equipment 6,000 623Wages expense 32,000 633Interest expense 5,100 637Insurance expense 10,000 640Rent expense…
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