Refer to the data in Short Exercise S-F:4-1. Prepare Refreshing Salon’s statement of retained earnings for the year ended December 31, 2024.

Data From S-F:4-1

Refreshing Salon’s adjusted trial balance follows. Prepare Refreshing Salon’s income statement for the year ended December 31, 2024.

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REFRESHING SALON Adjusted Trial Balance December 31, 2024 Account Title Cash Accounts Receivable Office Supplies Prepaid Rent Furniture Accumulated Depreciation-Furniture Accounts Payable Salary Payable Common Stock Retained Earnings, January 1, 2024 Dividends Service Revenue Salary Expense Rent Expense Utilities Expense Supplies Expense Depreciation Expense-Furniture Total Balance Debit $ 4,450 1,750 250 800 36,000 1,800 2,700 400 325 1,050 1,000 $ 50,525 Credit $ 3,000 1,700 1,500 6,000 31,625 6,700 $ 50,525