Shenika Salon & Spa, Inc. hired a bookkeeper who prepared the following Balance Sheet:
| Assets | Â | Â Â Â | Liabilities | Â |
| Current Assets: | Â | Â | Current Liabilities: | Â |
| Cash | Â $ Â Â Â Â 33,850 | Â | Accounts payable | Â $ Â Â Â 17,630 |
| Accounts receivable | 24,685 | Â | Notes payable | 12,995 |
| Supplies | 2,725 | Â | Â | Â |
| Prepaid insurance | 1,100 | Â | Stockholder's Equity | Â |
| Equipment | 13,400 | Â | Common Stock | 25,000 |
| Total Assets | Â | Â | Retained Earnings | Â Â |
| Â | Â Â Â | Â | Total Stockholder's Equity | Â Â |
| Â | Â | Â | Total Liabilities + Stockholder's Equity | Â |
Â
Compute Retained Earnings.. (HINT: To solve this remember Assets = Liabilities + Equity)
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