Update the balance sheet above to reflect the transactions below, which occur on January 6, 2022 1. Sell product for $25,000 with historical cost of $20,000 2. Sell product for $20,000 with historical cost of $16,000 3. Sell product for $40,000 with historical cost of $32,000

Respuesta :

The computation of the balance sheet based on the information given is that there will be an amount of retained earnings of $22917.

How to illustrate the balance sheet?

It should be noted that a balance sheet is the financial statement which shows the summary of the financial statement for a company.

It should be also noted that the balance sheet. contains the assets, liabilities, and the shareholders equity.

Beginning retained earnings = $22900

Add: net income = $17

Final amount of retained earnings = $22917

In this case, the computation of the balance sheet based on the information given is that there will be an amount of retained earnings of $22917.

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