Question

I need help on s1-13

Centerpiece Arrangements has just completed operations for the year ended December 31, 2018. This is the third year of operations for the company. The following data have been assembled for the business: $ 4,500 $ 46,000 Insurance Expense Salaries Expense Service Revenue 70,000 17,600 Accounts Payable Utilities Expense Office Supplies 1,400 1,700 16,000 Dividends Rent Expense 4,800 Accounts Receivable Common Stock 9,000 8,000 Cash 7,200 Equipment 12,100 Retained Earnings, January 1, 2018 5,100 S1-12 Preparing the income statement Prepare the income statement of Centerpiece Arrangements for the year ended December 31, 2018. S1-13 Preparing the statement of retained earnings Prepare the statement of retained earnings of Centerpiece Arrangements for the ended December 31, 2018. year

Answer 1

S1-12:

Centerpiece Arrangements
Income Statement
For the year ended December 31,2018
Service Revenue		$70,000
Expenses:
Insurance Expense	$4,500
Utilities expense	$1,400
Rent expense	$16,000
Salaries expense	$46,000
Total Expenses		$67,900
Net income		$2,100

S1-13:

Centerpiece Arrangements
Statement of retained earnings
For the year ended December 31,2018
Retained Earnings, January 1,2018	$5,100
Add: Net income	$2,100
Balance	$7,200
(Less): Dividends	($4,800)
Retained Earnings, December 31,2018	$2,400