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How do I prepare the retained earnings statement for Rapid Delivery Service? Exercise 3-20 (Part Level Submission) The accounts in the ledger of Rapid Delivery

How do I prepare the retained earnings statement for Rapid Delivery Service?

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Exercise 3-20 (Part Level Submission) The accounts in the ledger of Rapid Delivery Service contain the following balances on July 31, 2017. Accounts Receivable $14,900 Prepaid Insurance $ 3,500 Accounts Payable 9,900 Service Revenue 17,400 Cash ? Dividends 860 Equipment 59,560 Common Stock 40,200 Maintenance and Repairs 3,858 Salaries and Wages Expense 8,628 Expense Insurance Expense 740 Salaries and Wages Payable 940 Notes Payable (due 2020) 29,650 Retained Earnings (JUIY 1' 6,500 2017) RAPID DELIVERY SERVICE Trial Balance July 31, 2017 Debit Credit Accounts Receivable $ 14,900 $ Prepaid Insurance 3,500 Accounts Payable 9,900 Service Revenue 17,400 Cash 12,544 Equipment 59,560 Common Stock 40,200 Maintenance and Repairs Expense 3,858 Salaries and Wages Expense 8,628 Insurance Expense 740 Salaries and Wages Payable 940 Notes Payable 29,650 Retained Earnings 6,500 Dividends 860 $ 104,590 $ 104,590 Prepare an income statement for the month of July 2017. RAPID DELIVERY SERVICE Income Statement For the Month Ended July 31, 2017 + Revenues Service Revenue 17,400 Expenses Maintenance and Repairs Expense 3,858 Insurance Expense 740 Salaries and Wages Expense 8,628 Total Expenses 13,226 Net Income / (Loss) $ 4,174Prepare a retained earnings statement for the month of July 2017. (List items that increase retained earnings first. RAPID DELIVERY SERVICE Retained Earnings Statement

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