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Sodexo Corporation provides food services to universities. Its account balances are provided below in alphabetical order...

Sodexo Corporation provides food services to universities. Its account balances are provided below in alphabetical order for the month ended July 31, 2018. Sodexo's Retained Earnings account balance represents the balance as of June 30, 2017. All other account balances are as of July 31, 2018.

Accounts Payable 3,100

Accounts Receivable 1,400

Buildings 22,000

Cash 15,600

Commission Revenue 12,700

Common Stock 20,000

Dividends 8,000

Insurance Expense 2,200

Land 35,000

Notes Payable, due 2020 3,300

Rent Expense 2,400

Retained Earnings, June 30, 2017 57,000

Salaries Expense 10,000

Supplies Expense 400

REQUIRED: Prepare the following financial statements for the period ending July 31, 2018 using proper format: Statement of Retained Earnings

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Answer #1

Calculate Net income

Commission revenue 12700
Insurance expense -2200
Rent expense -2400
Salaries expense -10000
Supplies expense -400
Net income -2300

Statement of retained earnings

Sodexo Corporation
Statement of retained earnings
July 31,2018
Beginning retained earnings 57000
Add: Net income (loss) -2300
54700
Less: Dividend -8000
Ending retained earnings 46700
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