Question regarding homewDo Homework - Breann X thomeworkid-518216621&questionld-1&flushed-false&cld-53804628back-DoAssignn w.mathxi.com unty College) (1) .1 Dynamic Study Module (DSM) 12 of 15 (13 complete) HW Scor to) Data Table any just co ness he asse the incoInsurance Expense $ 6,000 Salaries Expense 88,000 Accounts Payable $ 47,000 60 Service Revenue Utilities Expense Rent Expense Common Stock 11,5 1,500 4,600 7,000 et of Ama elect 900 Office Supplies 14,000 Dividends 8,000 Accounts Receivable 5,000 Equipment 5,000 26,500 Assets Retained Earnings, January 1, 2018 st or enter an Print Do Ch
Question regarding homewDo Homework - Breann X thomeworkid-518216621&questionld-1&flushed-false&cld-53804628back-DoAssignn w.mathxi.com unty College) (1) .1 Dynamic Study Module (DSM) 12 of 15 (13 complete) HW Scor to) Data Table any just co ness he asse the incoInsurance Expense $ 6,000 Salaries Expense 88,000 Accounts Payable $ 47,000 60 Service Revenue Utilities Expense Rent Expense Common Stock 11,5 1,500 4,600 7,000 et of Ama elect 900 Office Supplies 14,000 Dividends 8,000 Accounts Receivable 5,000 Equipment 5,000 26,500 Assets Retained Earnings, January 1, 2018 st or enter an Print Do Ch
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Question regarding homewDo Homework - Breann X
thomeworkid-518216621&questionld-1&flushed-false&cld-53804628back-DoAssignn
w.mathxi.com
unty College) (1)
.1 Dynamic Study Module (DSM)
12 of 15 (13 complete)
HW Scor
to)
Data Table
any
just co
ness
he asse
the incoInsurance Expense
$ 6,000 Salaries Expense
88,000 Accounts Payable
$ 47,000
60
Service Revenue
Utilities Expense
Rent Expense
Common Stock
11,5
1,500
4,600
7,000
et of Ama
elect
900 Office Supplies
14,000 Dividends
8,000 Accounts Receivable
5,000 Equipment
5,000
26,500
Assets
Retained Earnings, January 1, 2018
st or enter an
Print Do
Ch
Expert Solution
Step 1
The first step is to prepare the income statement by adding all the revenue and operating expenses separately. then deduct the sum of operating expenses from the revenue to find out the Net income of the year.
The Income Statement is as above.
Step 2
The next step is to prepare the Statement of Retained earnings by adding the net income computed in above step to the beegining balance of Retained earnings and then dividend paid during the year shall be deducted from the above total to arrive at the amount of ending of Retained eaarnings balance.
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