Homework Answers
Answer:
Retained Earnings, December 31, 2019 = Retained Earnings, January 1, 2019 + Net Income – Dividend
Net Income = Revenue – Expenses
Revenue = Service Revenue
Revenue = $33,400
Expenses = Rent Expense + Supplies Expense + Salaries Expense +
Depreciation Expense – Building + Utilities Expense
Expenses = $1,400 + $1,400 + $6,600 + $1,100 + $1,800
Expenses = $12,300
Net Income = $33,400 - $12,300
Net Income = $21,100
Retained Earnings, December 31, 2019 = $3,100 + $21,100 -
$900
Retained Earnings, December 31, 2019 = $23,300
Option D is Correct.
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