Question

Bramble Company ended its fiscal year on July 31, 2019. The company’s adjusted trial balance as of the end of its fiscal year is shown below.

Answer 1

BRAMBLE COMPANY
Income Statement
For the year ended July 31, 2019
REVENUES
Service Revenue	63,800
Rent Revenue	6,100
Total revenue		69,900
EXPENSES
Depreciation expenses	8,800
Salaries & Wages expenses	55,700
Utilities expenses	15,100
Total expenses		79,600
Net Income		-9,700
BRAMBLE COMPANY
Retained earnings statement
For the year ended July 31, 2019
Retained earnings at the beginning of the year		27,100
Less: Net loss for the year	-9,700
Less: Dividend paid	-16,200
		-25,900
Retained earnings at the end of the year		1,200