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Mint Cleaning Incorporated prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are
Mint Cleaning Incorporated prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) Account Titles Cash Accounts Receivable Debit Credit Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Tax Payable Common Stock Retained Earnings ces Sales Revenue Insurance Expense Salaries and Wages Expense Supplies Expense Income Tax Expense Totals Other data not yet recorded at December 31: a. Insurance expired during the year, $5. b. Depreciation expense for the year, $4. c. Salaries and wages payable, $7. d. Income tax expense, $9. $38 9 6 80 $0 9 0 76 4 80 0 10 26 0 $169 $169 Required: Using the adjusted balances, prepare a statement of retained earnings for the year ended December 31. (Enter your answers in thousands of dollars.)
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