Is the the only reason that retained earning here is 0 (Nov. 1) is because its the first month of the company existence?

275 4,450 $3,050 et income NetSolutions Retained Earnings Statement For the Month Ended November 30, 2017 0 Net income Dividends . . Change in retained earnings Retained earnings, November 30, 2017 $ 3,050 (2,000) 1,050 $1,050 NetSolutions Balance Sheet November 30, 2017 Assets $ 5,900 550 20,000 26,450 Cash Supplies Total assets .. . Liabilities Accounts payable . . $ 400 Stockholders' Equity