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9- Prepare the profit-and-loss statement and find the retained earnings by using the account balances of Billerbeck Manufacturing Supplies, Inc. for the year ended December
9- Prepare the profit-and-loss statement and find the retained earnings by using the account balances of Billerbeck Manufacturing Supplies, Inc. for the year ended December 31 BMS is a publicly held corporation (20 points) Account title $ Account title $ Dividends paid 45,000 Retained earnings, Jan 1 90,000 Sales 700,000 Rent 70,000 Sales returns 40,000 Salaries 130,000 Inventory, January 1 120,000 Interest earned 2,000 Purchases 270,000 Sales discounts 10,000 Purchase returns 20,000 Interest expense 5,000 Inventory, December 31 160,000 Taxes, all kinds 47,000
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