Is my statement of retained earnings correct? If not what changes need made?
Panther Builders, Inc. Statement of Retained Earnings For the Year Ended December 31, 2021 Retained Earnings $ 1,045,590 Add : Net Income $ 617,883 $ 1,663,473 Less :Dividends Paid to Shareholders S 350,000 Retained Earnings $ 1,313,473 December Unadjusted Adjusting Adjusted Income Bal. Sheet Account Title Trial Balance 12.1 Adjustments Trial Balance 12.31 Journal Entries Trial Balance Statement Stmt. Own. Equity Or. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash 2 , 188 ,098 1, 122,690 3,310,78 3,310,78 3,310,788 Accounts Receivable 2, 240 , 370 483,650) 1,756,720 1,756,720 1,756,720 Allowance for Doubtful Accounts 30,000 $ 18,600 11,400 $ 23,734 35,134 35, 134 Short-term Investments $ 14,000 14,000 14,000 $ 14,000 air Value Adjustment-ST 1,500 1,50 1,500 Inventory 1,645,000 $ (711,896) 933, 104 933, 104 933, 104 Prepaid Insurance 125,000 25,00 81,250 $ 43,750 43,750 Supplies 12,005 12,00 $ 6,989 $ 5,016 5,016 Available-for-sale Investments 00,00 383,800 83,80 183,800 83.800 Fair Value Adjustment-AFS 15,000 EA 15,000 9,800 $ 5,200 5,200 Land 1,135,000 1,135,000 1,135,000 1,135,00 Building 3,000,000 3,000,000 3,000,000 3,000,000 Accumulated Depreciation-Building 269,231 269,231 $ 76,923 346, 15 346, 154 Machinery $ 850,000 850,000 350,000 $ 850,000 Accumulated Depreciation Machinery 14,100 14,10 169,200 $ 83,300 183,300 Equipment 250,000 400,000 650,000 650,000 $ 650,000 Accumulated Depreciation Equipment 177,923 177,923 $ 26,001 203,924 203,92 Truck 56,500 56,500 56,500 56,500 Accumulated Depreciation Truck 42,611 42,611 $ 5,556 48 ,167 48, 16 Right-of-use Asset 500,000 500,000 500,000 500,000 Patents 60,000 60,000 $ 5 ,000 9 55,000 55,000 Accounts Payable 1,251,754 893, 156 $ 358,598 358,598 358,59 Salaries Payable ,577,000 1,577,000 $ 145,000 ,722,000 ,722,000 Utilities Payable 9,00 9,000 9,000 9,000 Payroll Taxes Payable 25,000 25,000 8,990 33,990 $ 33,99 Interest Payable 50,750 50,750 50,750 Dividends Payable $50,000 50,000 Note Payable -short term 50,000 $ 200,000 150,000 150,000 150,00 Income Tax Payable 26,000 26,00 $ 164,247 190,247 190,247 A tA ease Liability 417,250 417,250 417,250 417,250 A CA Long Term Notes Payable $ 500,000 45,500 454,50 454,500 $ 454,500 Bonds Payable $ 2,500,000 2,500,000 2,500,000 2,500,00 Discount on Bond Payable $ 137,292 $ 37,292 9,068 $ 128,224 $ 128,224 Common Stock, $1 par, $1M shares authorized; 235,000 shares issued and outstanding 235,000 60,000 295,000 295,000 295,000 APIC Common Stock 3,488, 19 975,000 4,463, 19 4,463, 193 1,463, 193 Retained Earnings ,045,59 1,045,590 $ 350,000 595,59 695,590 Unrealized Gains (Losses) Equity 15,000 15,000 $ 9,800 5,200 5,20 Unearned Compensation 160,000 60,00 2,222 $ 57,778 157,778 Treasury Stock 71,500 71,500 71,500 71,500 APIC Treasury Stock 25,000 25,000 25,000 25,00 Sales 5,961,510 2,224,950 8, 186,460 8, 186,460 8, 186,460 Cost of Goods Sold $ 3, 155,000 1,395,000 4,550,000 4,550,000 4,550,00 Compensation Expense 2,222 2,222 2,222 Salaries Expense $ 1,900,000 1,900,000 145,00 2,045,000 2,045,00 Bad Dept Expense 23,734 23,734 23,734 Payroll Tax Expense 80,000 80.000 8,990 88,990 88,990 Advertisting Expense 125,000 25,00 125,000 125,000 A CA CA Insurance Expense 40,000 EA 40,000 81,250 21,250 21,25 Supplies Expense 16,000 16,000 6,989 22,989 22,989 Depreciation Expense 277,68 277,680 277,68 Amortization Expense 5,000 5,000 5,000 Utilities Expense 9,000 9,000 9,000 9,000 Miscellaneous Expenses 9,300 9,30 0 9,300 9,300 Interest Expense 58,847 7,500 66,347 59 ,818 26, 165 26, 16 Income Tax Expense 164,247 164,247 64,247 Realized Gain (Loss) 3.500 3,500 3,500 3,500 Unrealized Gain (Loss $ 1,50 1,500 1,500 Total $ 17,221,412 $ 17,221,412 $ 2,863,544 $ 4,840,856 $ 20,066,356 $ 20,066,356 56 $ 1,136,230 $ 1, 136,230 $ 20,728,457 $ 20,728,457 $ 7,572,077 $ 8, 189,960 $ 13, 156,380 $ 12,538,497 Net Income (Loss) 617,883 617,883 Total
