The amount of retained earnings is $13,000.
<h3>What is
retained earnings?</h3>
Retained earnings refers to the firms' profit that is retained or saved for future purpose.
<u>Given Information</u>
Liabilities = $22,000
Common stock = $15,000
Equity = Assets - Liabilities
Equity = $50,000 - $22,000
Equity = $28,000
Equity = Common stock + Retained earnings
$28,000 = $15,000 + Retained earnings
Retained earnings = $28,000 - $15,000
Retained earnings = $13,000
In conclusion, the amount of retained earnings is $13,000.
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