How to calculate retained earnings?
Accounts payable$25,600
Accounts receivable20,600
Advertising expense5,100
Buildings58,500
Capital stock36,500
Cash5,320
Notes payable52,500
Salaries expense10,500
Sales revenue 17,100
Studio equipment31,680
How do i calculate the retained earnings??
The basic accounting equation:
Assets = Liabilities + Equity
Equity is made up from stock and retained earnings
Retained earnings is increased by net income and decreased by net loss. Retained earnings are also decreased by dividends (although that doesn’t apply here).
So you know what amount in assets and liabilities you have. You also know how much stock you have (which is part of equity). So how much in retained earnings do you need to make the accounting equation balance?
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