Question

I need the statement of retained earnings and balance sheet completed based on the worksheet and income statement provided.

AutoSave Off A 2 0 Milestone One - Ex... Search Paul Hudson-Bourdeau - X Comments File Home Insert Page Layout Formulas Data Review View Developer PH Share E 27 J Or Arial 12 A A == = Our ab Help Conditional Formatting v Format as Table ĀCell Styles Accounting $ % ) Paste LE BIUDA ES 3 Insert Ex Delete - Format v Cells Ideas Clipboard Font Alignment Ey Number Styles Editing Ideas D26 X ✓ fix 335675 Hi Credit K M N O P Q R S T U V W X Y Z AA AB AC AD Debit Credit Debit Credit Debit 64,713.72 27.850.00 25.750.00 165.250.00 25,750.00 137,400.00 2,000.00 400.00 17,000.00 2.400.00 17.000.00 1 10,000.00 3.285.72 2,642.86 5,928.58 10,000.00 2.000.00 2.000.00 4,000.00 2,300.00 1.600.00 30.401.00 1,350.00 2.300.00 250.00 30,401.00 10,000.00 1,468.75 27,325.00 Account Cash Baking Supplies Merchandise Inventory (FIFO) Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Leasehold Improvements Accumulated Amortization Trademark Office Supplies Account Receivable Notes Payable Interest Payable Accounts Payable Waqon Povable Loans Payable Common Stock Dividends Bakery Sales Merchandise Sales Baking Coat of Goods Sold Rent Expense Interest Expense Insurance Expense Depreciation Expense Amortization Expense Misc. Expense Office Supplies Expense Business License Expense Advertising Expense Wage Expense Telephong Expense Merchandise COGS (FIFO 10,000.00 1,468.75 27,325.00 22,800.00 21,000.00 30,000.00 22,800.00 21,000.00 30,000.00 20,000.00 1335.675.00! 35,200.00 20,000.00 335.675.00 35,200.00 137,400.00 90.000.00 137,400.00 90,000.00 1,468.75 2,000.00 2.642.86 2,000.00 2.780.00 2,000.00 2,642.86 2.000.00 2,780.00 1.350.00 375.00 5.200.00 1,350.00 375.00 5.200.00 22,800.00 3.456.00 15.760.00 3.456.00 15,760.00 Total 464.485.72464.485.72 169.661.61 169.661. 61 493,397.33 493,397.33 . Worksheet Adjusting Entries Income Statement Closing Entries | State ... | 9 0 - + 40%

Answer 1

The beginning balance of retained earnings is 0.

The net profit as per income statement is taken to statement of retained earnings.

From such amount, deduct the dividend shown in the adjusted trail balance.

The final amount is the ending balance of retained earnings.

The balance sheet and statement of retained earnings is shown in the attachment.

Statement of Retained Earnings For the Year ended 31-12-2017 Beginning Balance: Add: Net Income 83,642.39 Less: Dividends -20,000.00 Ending Balance: 63,642.39 Assets Current Assets Cash Baking Supplies Merchandise Inventory(FIFO) Prepaid Rent Prepaid Insurance Office Supplies Accounts Receivable Total Current Assets Balance sheet As of December 31 2017 Liabilities and Owner's Equity Current Liabilities 64,713.72 Accounts Payable 27,325.00 27,850.00 Wages Payable 22,800.00 25,750.00 Interest Payable 1,468.75 7,500.00 Total Current Liabilities 400.00 250.00 Long Term Liabilities 30,401.00 Notes Payable 10,000.00 1,56,864.72 Loans Payable 21,000.00 Total Long term Liabilities: Total Liabilities: 51,593.75 31,000.00 Long term Fixed Assets Baking Equipment Accumulated Depreciation 17,000.00 -5,928.58 Common Stock 11,071.42 Retained Earnings 30,000.00 63,642.39 Lease hold Improvements Accumulated Depreciation 10,000.00 -4,000.00 Total Equity 93,642.39 6,000.00 2,300.00 Trade Marks Total Assets 1,76,236.14 Total Liabilities and Equity 1,76,236.14