The Yohan Corporation had the following account balances on

The Yohan Corporation had the following account balances on February 28. Salary expense $2,900 Fees revenue Supplies Rent expense $4,000 Accounts payable $5,500 Common stock $19,500 Prepaid rent Dividends Retained earnings $5,000 Accounts receivable$15,500 Determine the balance in the company\'s retained earnings account after the closing process is completed at the end of February. 14,000 $3,500 Cash 12,000 $3,100 $1,700 Supplies expense$1,300 a. $9,100 b.$5,000 d.$10,800

Solution

Calculate retained earning after closing process :

So answer is a) $9100

2) Calculate total assets :

So answer is b) $53700

Sales revenue	14000
Salary expense	-2900
Rent expense	-4000
Supplies expense	-1300
Net income	5800
Beginning retained earning	5000
Less: Dividend	-1700
Ending retained earnings	9100