Which if these are consider "retained earnings"?
Question:
Accounts Receivable $6,000
Common Stock 47,000
Salaries Expense 118,000
Interest Expense 12,200
Cash 3,600
Accounts Payable 5,000
Retained Earnings, Jan. 1, 2005 20,380
Accumulated Depreciation 6,800
Unearned Revenue 9,600
Land 50,000
Salaries Payable 1,800
Cost of Goods Sold 185,000
Supplies 500
Note Receivable (Long-Term) 6,000
Inventory 9,000
Office Equipment 58,000
Gain on Sale of Equipment 6,400
Interest Receivable (Short-Term) 1,240
Operating Expenses 19,000
Sales Revenue 340,000
Prepaid Rent 9,600
Interest Payable (Short-Term) 740
Interest Revenue 420
Notes Payable (Long-Term) 40,000
Answer:
Do you see there, seven lines down, where it says Retained Earnings?
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