Acompany has the following account balances at the end of the year.
accounts balances
equipment $ 16,500
accounts payable 1,100
salaries expense 23,500
common stock 11,000
land 8,500
notes payable 10,500
service revenue 29,500
cash 4,100
retained earnings ?
required: use only the appropriate accounts to prepare a balance sheet.

Assets                                   Liabilities

Cash              4, 100               Account Payable   1, 100

Equipment   16,500               Note Payable       10,500

Land              8,500              Equity

                                             Common Stock      11,000

                                             Retained Earnings  6,500

Total Assets 29,100              Total Liab + SE      29, 100

Explanation:

Retained earnings will be calculate using the accounting equation

Assets =            liab       +      equity

29,100 = 1,100 + 10,500 +  11,000 + RE

RE = 29,100 - 1,100 - 10,500 - 11,000 = 6,500

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