I don\'t know how to find Retained Earnings without Stockholders Equality. Requi

Question

I don't know how to find Retained Earnings without Stockholders Equality.

Required informatiorn Prepare the balance sheet for the month of January rt 1 of 3 MIAMI MUSIC CORPORATION Balance Sheet At January 31 Assets ints eBook Print References Cash Accounts Receivable Supplies 30,800 25,300 40,700 96,800 Total Assets Liabilities Accounts Payable Total Liabilities 25.700 25.700 Stockholders Equity Common Stock 30 600 Retained Earnings Total Stockholders Equity Total Liabilities and Stockholders Equity 30.600 56,300 Mc Graw Hilt

Explanation / Answer

Solution:

Total Revenues = $131,000

Oerating expenses = $90,500

Net Income = Revenues - Operating Expense = $131000 - $90500 = $40500

Net income will be tranferred to retained earnings.

Hence retained earnings = $40,500

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