The account balances and income statement of Wayans Towing Service at June 30, 2018, follow:
Requirements
1. Prepare the statement of retained earnings for Wayans Towing Service for the month ending June 30, 2018.
2. What does the statement of retained earnings report?
WAYANS TOWING SERVICE | |
Statement of Retained Earnings | |
Month ended June 30-2018 | |
Retained earnings June 01, 2018 | 3,400 |
Add: Net Income for the month | 11,250 |
14,650 | |
Less: Dividends paid | 1,000 |
Retained earnings June 30, 2018 | 13,650 |
The account balances and income statement of Wayans Towing Service at June 30, 2018, follow:
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