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    mysslaedee's Avatar
    mysslaedee Posts: 1, Reputation: 1
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    #1

    Aug 30, 2012, 07:39 PM
    The following items are taken from the financial statements of Tracy Company for 2010
    The following items are taken from the financial statements of Tracy Company for 2010.

    Accounts payable $ 15,000
    Accounts receivable 11,000
    Accumulated depreciation video equipment 28,000
    Advertising expense 21,000
    Cash 24,000
    Common stock 90,000
    Depreciation expense 12,000
    Dividends 15,000
    Insurance expense 3,000
    Note payable (due 2013) 70,000
    Prepaid insurance 6,000
    Rent expense 17,000
    Retained earnings (beginning) 12,000
    Salaries expense 34,000
    Salaries payable 3,000
    Service revenue 145,000
    Supplies 4,000
    Supplies expense 6,000
    Video equipment 210,000
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Aug 30, 2012, 08:23 PM
    What is it you want to know?

    You have given a list of account balances but not asked a question
    ccolon1's Avatar
    ccolon1 Posts: 1, Reputation: 1
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    #3

    Sep 2, 2012, 08:07 AM
    Calculate the net income.
    Calculate the balance of Retained Earnings that would appear on a balance sheet at December 31, 2010
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #4

    Sep 2, 2012, 10:04 AM
    Net Income = Revenues - Expenses.

    Ending Retained Earnings = Beginning Retained Earnings + Net Income - Dividends
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