Homework Answers
| Beginning retained earnings | $ 10,142 | |
| Add: Net income | ||
| Fees earned | $ 6,086 | |
| less: Wages expense | $ (3,491) | |
| less: Rent expense | $ (898) | |
| less: Utilities expense | $ (330) | |
| Less: Depreciation expense | $ (183) | |
| Less: Misc. expense | $ (107) | |
| Net income | $ 1,077 | |
| Less: Dividends | $ (929) | |
| Ending retained earnings | $ 10,290 |
| Cash | $ 5,963 |
| Accounts receivable | $ 2,244 |
| Prepaid expenses | $ 692 |
| Current assets | $ 8,899 |
| Accounts payable | $ 1,689 |
| Notes payable | $ 5,537 |
| Total liabilities | $ 7,226 |
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