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Determine the balance in the retained earnings account

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Question - Davis Company was started on January 1, 2012. During the month of January, Davis earned $4,600 of revenue and incurred $3,000 of expense. Davis closes its books on December 31 of each year. During the remainder of 2012, Davis earned 52,000 and incurred $42,000 of expenses. Davis closes its books on December 31 or each year.

Required - Determine the balance in the Retained Earnings account as of January 31, 2012.

Reference no: EM131929370

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