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Accounting

Problem:

The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2013, the end of its fiscal year: cash, $19,000; accounts receivable, $14,000; inventories, $28,000; equipment (net), $83,000; accounts payable, $17,000; wages payable, $6,500; interest payable, $2,500; note payable (due in 18 months), $33,000; common stock, $56,000.

Required:

Question: Determine the year-end balance in retained earnings for K and J Nursery, Inc.

Note: Provide support for your underlying principle.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91171505

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