A tabular analysis of the transactions made during August 2022 by Crane Company during its first month of operations is shown below. Each increase and decrease in stockholders equity is explained.

Prepare an income statement for August and Prepare a retained earnings statement for August. (List items that increase retained earnings first.)

Assets + Stockholders' Equity Liabilities Accounts Payable Cash + A/R + Supp. + Equip. + Common Stock + Retained Earnings Revenues Expenses Dividends 1. $20,200 2. $20,200 - 1,240 -940 $4,990 $3,750 3. $940 4. 4,000 $6,200 $10,200 Serv. Rev. 5. - 1,900 - 1,900 -2,000 6. -$2,000 7. -730 -$730 1 Rent Exp. 8. 350 -350 9. -2,300 -2,300 1 Sal. Exp. Util. Exp. 10. 330 -330 1