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Balance Sheet Normal Balance Accounts Shareholders' Equity

FINACT-ADW1Y3

Below is an alphabetical listing of all of the accounts for Spark Dance Studio on 12/31/X2. Assume all adjustments have been made and all balances are "normal".

Account Balance
Accounts Payable $3,700
Accounts Receivable 12,000
Accumulated Depreciation 4,500
Additional Paid In Capital 3,000
Building 10,000
Common Stock 2,500
Cash 6,000
Depreciation Expense 3,300
Dividends 1,700
Interest Expense 1,500
Interest Revenue 500
Income Tax Expense 1,260
Income Taxes Payable 1,260
Notes Payable - Long-term 4,300
Rent Expense 5,500
Retained Earnings (as of 12/31/X1) 3,500
Salaries and wages expense 4,500
Service Revenue 19,500
Unearned Revenue 4,000
Utilities Expense 1,000


What is the amount of shareholders’ equity that will be reported on Spark’s Balance Sheet on 12/31/x2?

A

\$4,740

B

\$10,240

C

\$3,500

D

\$23,500