Calculating Retained Earnings from A Trail Sheet

Calculating Retained Earnings from A Trail Sheet

How do you figure the retained earnings from a trail sheet to put on a balance sheetDebitCreditCash$ 200,760Sales$ 8,102,350Debt Investments (trading) (cost, $145,000)155,350Cost of Goods Sold4,802,350Debt Investments (long-term)302,760Equity Investments (long-term)280,760Notes Payable (short-term)92,350Accounts Payable457,350Selling Expenses2,002,350Investment Revenue64,880Land260,000Buildings1,043,760Dividends Payable139,760Accrued Liabilities98,350Accounts Receivable437,350Accumulated DepreciationBuildings152,000Allowance for Doubtful Accounts27,350Administrative Expenses901,880Interest Expense212,880Inventory600,760Gain (extraordinary)81,880Notes Payable (long-term)903,760Equipment602,350Bonds Payable1,003,760Accumulated DepreciationEquipment60,000Franchises160,000Common Stock ($5 par)1,002,350Treasury Stock193,350Patents195,000Retained Earnings81,760Paidin Capital in Excess of Par83,760 Totals$12,351,660$12,351,660

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