Question

Com The following information for the year ended December 31, 2016, was reported by Nice Bite, Inc. Part 2 of 6 $ 46,000 23,800 90,400 78,000 152,500 2.5 points eBook Accounts Payable Accounts Receivable Cash (balance on January 1, 2016) Cash (balance on December 31, 2016) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable Prepaid Rent Office Expense Retained Earnings (beginning) Salaries and Wages Expense Service Revenue Utilities Expense Salaries and Wages Payable Print References 137,700 10,200 29,600 17,300 25,000 7,100 14,400 6,800 35,800 139,800 25,200 9,000 Other cash flow information: Cash from issuing common stock Cash paid to reacquire common stock Cash paid for income taxes Cash paid to purchase long-term assets Cash paid to suppliers and employees Cash received from customers $ 22,000 24,500 11,100 53,400 84,400 139,000 < Prev 2 3 4 .. 6 of 6 Next >

Answer 1

Requirement (2) STATEMENT OF RETAINED EARNINGS Retained earnings, January 1, 2016 Net income for the year Retained earnings, December 31, 2016 $ 6,800 $ 24,600 $ 31,400 $1,39,800 $1,39,800 Working Note : INCOME STATEMENT Revenues: Service revenue Total revenues Expenses: Office expense Salaries and wages expense Utilities expense Interest expense Income tax expense Total expense Net Income $ 14,400 $ 35,800 $ 25,200 $ 29,600 $ 10,200 $ 1,15,200 $ 24,600 Note : Feel free to comment for any further assistance