Question

Comprehensive Accounting Cycle Review 11-02 (Part Level Submission) Your answer is partially correct. Try again. Prepare a multiple-step income statement as of February 28, 2022. Review Score Review Results by Study Objective SKYSONG CLEANING SERVICES INC. Income Statement For the Month Ending February 28, 2022 Tservice Revenue 13,353 Operating Expenses T Bad Debt Expense 527 Salaries and Wages Expense 6360 | Utilities Expense 240 Supplies Expense 640 Insurance Expense 902 Depreciation Expense 99 T Total Operating Expenses T 8768 Other Expenses and Losses T 4585 Tinterest Expense 44 Loss on Disposal of Plant Assets 314| Tincome Before Income Taxes | Income Tax Expense 854 Net Income / (Loss) 3417 Click if you would like to Show Work for this question: Open Show Work

I need help preparing the rest of the retained earnings statement.

Answer 1

The Payout Ratio is not given here.

Kindly check the question again there must be payout ratio or Dividend rate must be given.

If Payout ratio is given then multiply payout ratio to Net Income and it will be your dividend so just subtract that amount from net income to get the remaining retained earning.

Or If Dividend rate is given then multiply dividend rate to face value of the share and you will then get the Dividend per share , Just multiply dividend per share to no of share to get the dividend amount, just subtract that amount from net income to get the remaining retained earning.