Question - The law firm had the following account balances at the end of December: cash 21000, salaries expense 243,875, accounts payable 13,375, retained earnings 62,500, utilities expense 10,125, office supplies 1,425, service revenue 330,125, common stock 62,500, dividends 45,000 and equipment?
1. Calculate the beginning balance in retained earnings?
2. What is the balance in stockholders equity on 12/31?
3. What is the balance of the equipment account?