Given the following information, what is Creed Companys retained earnings balance at the end of...
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Accounting
Given the following information, what is Creed Companys retained earnings balance at the end of 2021? Hint: First, calculate net income for 2021 and then calculate the retained earnings balance.
2021
2020
Retained Earnings
????
345,000
Dividends
50,000
Sales Revenue
214,000
Unearned Revenue
24,000
Interest Revenue
12,000
Advertising Expense
11,000
Salaries Expense
47,000
Depreciation Expense
35,000
Prepaid Insurance Expense
12,000
Accrued Interest
8,000
Tax Expense
7,000
Interest Expense
10,000
Total retained earnings is:
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