Instructions * Retained Earnings Statement Shaded cells have feedback. Selected accounts from the ledger of Restoration Arts for the fiscal year ended April 30, 2018, are as follows: Prepare a retained earnings statement for the year. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Retained Earnings Apr. 30 31,400 May 1 (2017) 467.500 Score: 40/53 Apr. 30 7.800 Restoration Arts Retained Earnings Statement For the Year Ended April 30, 2018 Dividends 1 Retained earnings, May 1, 2017 5467,500.00 July 31 1.950 Apr. 30 7.800 2 Net loss $31,400.00 Oct. 31 1.950 Dividends 7,800.00 Jan. 31 1.950 + Change in retained earnings 5 Retained earnings, April 30, 2018 39,200.00 $428,300.00 April 30 1.950 Income Summary Apr. 30 198,400 Apr. 30 167,000 Points: 8.3/11 Apr. 30 31,400 Feedback Check My Work Prepare a retained earnings statement for the year. Negative amount should be indicated by the minus sign. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Debits to the retained earnings account occur as a result of a net loss and dividends. The income summary account only shows revenues and expenses and the resulting net income or net loss that is closed to the retained earnings. The first item normally on the retained earnings statement is the beginning balance of the retained earnings. This balance will be changed positively by any net income, and negatively by any net losses and dividends