Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Devon Hair Stylists' adjusted trial balance and income statement follow. Prepare Devon's statement of retained earnings for the year ended December 31, 2018. (Click on
Devon Hair Stylists' adjusted trial balance and income statement follow. Prepare Devon's statement of retained earnings for the year ended December 31, 2018. (Click on the icon to view the adjusted trial balance.) (Click on the icon to view the income statement.) Enter any increases in retained earnings prior to the subtotal and any decreases to retained earnings below the subtotal. (For amounts with a $0 balance, make sure to enter "O' in the appropriate cell.) i Reference Devon Hair Stylists Statement of Retained Earings Year Ended December 31, 2018 Retained Earnings, January 1, 2018 Devon Hair Stylists Income Statement Year Ended December 31, 2018 Revenues: Retained Earings, December 31, 2018 $ 15,900 Service Revenue Expenses: Rent Expense Interest Expense Depreciation Expense-Equipment 5,100 1,400 2.400 600 Supplies Expense Total Expenses 9,500 6,400 Net Income (Loss) Devon Hair Stylists Adjusted Trial Balance December 31, 2018 Account Title Cash Accounts Receivable Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Interest Payable Notes Payable Common Stock Dividends Balance Debit Credit 500 1,700 2,100 19,500 2,400 900 1,000 3,400 11,000 1,300 Service Revenue 15,900 Rent Expense Supplies Expense Depreciation Expense-Equipment 5,100 600 2,400 1,400 34,600 $ Interest Expense $ 34,600 Total
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started