Question

Student Center |AccountingPass Question #3 ents Sote Company has the following account balances for the year ending 12/31/X. All accounts have a normal balance Cash Supplies Accounts Payable Accounts Receivable Common Stock Retained Earnings Dividends Revenue Rent Expense Supplies Expense 5,025 1,500 $3,700 $2,500 $2,300 $1,700 $2,575 $10,700 $1,300 $2,600 empts Salary Expense$2,900 Income Statement ue $10700 $1300 $2900 $2600 Expense upplies Expense Total Expenses Net Income $3900 Using the information above, prepare the statement of retained earnings. Statement of Retained Earnings ginning Retained Earnings Ending Retained Earnings Submit Question 0 of 7 Attermpts Used MacBook Ai 912 8

Answer 1

Solution 3:

Statement of Retained Earnings
Beginning Retained Earnings	$1,700
Add: Net income	$3,900
Less: Dividends	-$2,575
Add: Net income	$3,025

Solution 4:

Balance Sheet
Assets:
Cash	$9,330
Supplies	$2,100
Accounts Receivable	$1,800
Total Assets		$13,230
Liabilities:
Accounts Payable	$3,800
Total Liabilities		$3,800
Equity:
Common Stock	$2,200
Retained Earnings	$7,230
Total Equity		$9,430
Total Liabilities and Equity		$13,230

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