After establishing their companys fiscal year-end to be October 31, Natalie and Curtis began operating Cookie & Coffee Creations Inc. on November 1, 2021. The company had the following selected transactions during its first fiscal year of operations. The new corporation is authorized to issue 50,000 shares of $1 par common stock and 10,000 shares of no par, $6 cumulative preferred stock.

Jan. 1

Issued an additional 800 preferred shares to Natalies brother for $4,000 cash.

June 30

Repurchased 750 shares issued to the lawyer, for $500 cash. The lawyer had decided to retire and wanted to liquidate all of her assets.

Oct. 15

The company had a very successful first year of operations and as a result declared dividends of $28,000, payable November 15, 2022. (Indicate the amounts payable to the preferred stockholders and to the common stockholders.)

Oct. 31

The company earned revenues of $472,500 and incurred expenses of $416,500 (including the $750 legal expense from November 1 but excluding income tax). Record income tax expense, assuming the company has a 20% income tax rate.

Prepare the retained earnings statement for the year ended October 31, 2022. (List items that increase retained earnings first. Do not leave any answer field blank. Enter 0 for amounts.)

COOKIE & COFFEE CREATIONS INC. Retained Earnings Statement choose the accounting period For the Month Ended October 31, 2022For the Year Ended October 31, 2022October 31, 2022
select an opening name Balance, November 1, 2021Balance, October 31, 2022Cash DividendsCommonCash DividendsPreferredDividendsExpensesNet Income / (Loss)RevenuesTotal ExpensesTotal Revenues		$enter a dollar amount
select between addition and deduction LessAdd: select an item Balance, November 1, 2021Balance, October 31, 2022Cash DividendsCommonCash DividendsPreferredDividendsExpensesNet Income / (Loss)RevenuesTotal ExpensesTotal Revenues		enter a dollar amount
		enter a subtotal of the two previous amounts
select between addition and deduction LessAdd:
select an item Balance, November 1, 2021Balance, October 31, 2022Cash DividendsCommonCash DividendsPreferredDividendsExpensesNet Income / (Loss)RevenuesTotal ExpensesTotal Revenues	$enter a dollar amount
select an item Balance, November 1, 2021Balance, October 31, 2022Cash DividendsCommonCash DividendsPreferredDividendsExpensesNet Income / (Loss)RevenuesTotal ExpensesTotal Revenues	enter a dollar amount
		enter a subtotal of the two previous amounts
select a closing name Balance, November 1, 2021Balance, October 31, 2022Cash DividendsCommonCash DividendsPreferredDividendsExpensesNet Income / (Loss)RevenuesTotal ExpensesTotal Revenues		$enter a total amount