Homework Answers
| Income Statement | |
| Service revenue | 30,000 |
| Less: Expenses | |
| salaries expense | -4,500 |
| Miscellaneous expense | -20,000 |
| Net Income | $5,500 |
| Statement of Retained Earnings | |
| Retained earnings beginning | 8,000 |
| Net Income | 5,500 |
| 13,500 | |
| Dividends | -3,000 |
| Retained earnings, ending | $10,500 |
Retained earnings reported in the balance sheet = $10,500
Kindly comment if you need further assistance. Thanks‼!
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The following table contains financial information for Trumpeter Inc. before closing entries: Cash Supplies Prepaid Rent...
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