The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 2:(image) What is the amount of retained earnings that will be shown on the balance sheet at December 31, Year 2? A)5,975 B)4,825 C)7,200

The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 20,000 Accounts 8,000 Receivable Supplies 4,000 Equipment 15,000 Accumulated $ 5,000 Depreciation Salaries 7,500 Payable Common Stock Retained Earnings Totals $ 47,000 25,000 9,500 $ 47,000 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $60,000, of which $21,000 is on account. 2. May 2 Collect on accounts receivable, $18,000. 3. June 30 Issue shares of common stock in exchange for $6,000 cash. 4. August 1 Pay salaries of $7,500 from 2020 (prior year). 5. September 25 Pay repairs and maintenance expenses, $13,000. 6. October 19 Purchase equipment for $8,000 cash. 7. December 30 Pay $1,100 cash dividends to stockholders. 11. Prepare a post-closing trial balance. Answer is complete but not entirely correct. RED STORM CLEANERS Post-Closing Trial Balance December 31, 2021 Accounts Debit Credit Cash $…

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The general ledger of the Karlin Company, a consulting company, at January 1, 2021, contained the following account balances:     Account Title Debits   Credits   Cash 29,300       Accounts receivable 17,000       Equipment 29,000       Accumulated depreciation     8,700   Salaries payable     9,500   Common stock     48,000   Retained earnings     9,100   Total 75,300   75,300       The following is a summary of the transactions for the year: Service revenue, $130,000, of which $39,000 was on account and the balance was received in cash. Collected on accounts receivable, $26,200. Issued shares of common stock in exchange for $15,000 in cash. Paid salaries, $47,500 (of which $9,500 was for salaries payable at the end of the prior year). Paid miscellaneous expense for various items, $25,600. Purchased equipment for $17,500 in cash. Paid $3,150 in cash dividends to shareholders. Accrued salaries at year-end amounted to $950. Depreciation for the year on the…