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I did the transaction statement and income statement but I need help with retained earning statement for month ended august 31, 2017. How do I
I did the transaction statement and income statement but I need help with retained earning statement for month ended august 31, 2017. How do I find retained earning, August 1. I know the net income is 4,150 and dividends is -2,000. what is the retrained earning, August 1?
Assets = Liabilities + Stockholders' Equity Retained Earnings + Revenues - Expenses - Dividend Accounts Accounts Common Cash + Receivable + Supplies + Equipment = Payable + Stock $14,700 $14,700 -1,700 $4,200 $2,500 -750 $750 5,000 $4,100 -1,200 - 1,200 -2,000 -700 450 -450 -3,900 $9,100 Service Revenue ini o wo ooo -$700 -$2,000 Rent Expense -3,900 -350 Salaries/Wages Expense Utilities Expense 350 Crane Company Income Statement For the Month Ended August 31, 2017 Revenues Service Revenue $ 2.00 9,100 Expenses Rent Expense -700 Salaries and Wages Expense -3,900 Utilities Expense -350 i Total Expenses -4,950 Net Income /(Loss) 4,150Step by Step Solution
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