Answer:
The balance of the company's retained earnings account is $33,000
Explanation:
The computation of retained earning balance is shown below:
= Assets - Liabilities - shareholder equity
where,
Assets = Accounts receivable + Cash + equipment + prepaid insurance + supplies
= $8,000 + $7,000 + $44,000 + $4,000 + $2,000
= $65,000
Liabilities = Accounts payable + notes payable + unearned service revenue
= $6,000 + $8,000 + $3,000
= $17,000
And, the common stock is $15,000
Now put these values to the above formula
So, the answer would be equal to
= $65,000 - $17,000 - $15,000
= $33,000
