Based on the following items shown on the adjusted trial balance sheet for the year 2022, calculate the balance of retained earnings shown on the balance sheet at the end of the year 2022. Accounts Dr. ($) Cr. ($) Cash 1,000 Inventory 50,000 Prepaid expense 400 Unearned revenue 800 Sales revenue 50,000 COGS 15,000 Loss on PPE revaluation (P&L) 3,000 Gains on Land revaluation (OCI) 700 Dividend payable 2,000 Declared dividend 6,000 Retained earnings (o/b) 30,000 General reserve 5,000 Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

Based on the following items shown on the adjusted trial balance sheet for the year 2022, calculate the balance of retained earnings shown on the balance sheet at the end of the year 2022. Accounts Dr. ($) Cr. ($) Cash 1,000 Inventory 50,000 Prepaid expense 400 Unearned revenue 800 Sales revenue 50,000 COGS 15,000 Loss on PPE revaluation (P&L) 3,000 Gains on Land revaluation (OCI) 700 Dividend payable 2,000 Declared dividend 6,000 Retained earnings (o/b) 30,000 General reserve 5,000 Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

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

Chapter18: Accounting For Income Taxes

Section: Chapter Questions

Problem 12P: Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax...

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