Question

The adjusted trial balance of Tamarisk, Inc. at December 31, 2019, includes the following accounts: Common Stock $16,900, Dividends $7,200, Service Revenue $36,500, Salaries and Wages Expense $16,700, Insurance Expense $1,300, Rent Expense $4,700, Supplies Expense $1,800, and Depreciation Expense $1,700. The balance in Common Stock is the balance as of January 1. Prepare a retained earnings statement for the year assuming net income is $10,300 for the year and Retained Earnings is $7,400 on January 1. (List items that increase owner's equity first.) Tamarisk, Inc. Retained Earnings Statement

Answer 1

Tamarisk, Inc.
Retained Earnings Statement
For the year ended December 31, 2019
	Retained Earnings, January 1, 2019	$             7,400
Add:	Net Income	$           10,300
		$           17,700
Less:	Dividend paid	$           -7,200
	Retained Earnings, December 31, 2019	$           10,500

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