Please help me complete this! I have been struggling for a while, and mainly I need the answer! Thanks, and I will give kudos to the correct answer!

(Statement of Retained Earning)

The following are the trial balance and the other information related to Matthew Consulting Engineer Credit $718 MATTHEW CONSULTING ENGINEER TRIAL BALANCE DECEMBER 31, 2020 Debit Cash $29,500 Accounts Receivable 56,400 Allowance for Doubtful Accounts Supplies 1.730 Prepaid Insurance 1,050 Equipment 33,800 Accumulated Depreciation Equipment Notes Payable Common Stock Retained Earnings Service Revenue Rent Expense 9,334 Salaries and Wages Expense 30,360 Utilities Expenses 1.750 Office Expense 750 $164,674 5,987 7,200 10,000 25,342 115,427 $164,674 1. 2. 3. 4. 5. Fees received in advance from clients $6,010, which were recorded as revenue. Services performed for clients that were not recorded by December 31, $5,145. Bad debt expense for the year is $1.294. Insurance expired during the year $471. Equipment is being depreciated at 10% per year. Matthew gave the bank a 90-day, 10% note for $7.200 on December 1, 2020. Rent of the building is $718 per month. The rent for 2020 has been paid, as has that for January 2021, and recorded as Rent Expense. Office salaries and wages earned but unpaid December 31, 2020, $2.292. 6. 7 8. Prepare an income statement for 2020. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses eg. (45).) MATTHEW CONSULTING ENGINEER Income Statement For the Year Ended December 31, 2020 Revenues Service Revenue 114562 Expenses $ 8,616 i Rent Expense Salaries and Wages Expense Utilities Expenses 32652 i 1750 i 750 i Office Expense Bad Debt Expense 1294 i Insurance Expense 471 i Depreciation Expense 3380 i Interest Expense 60 i Total Expenses 48973 Net Income/(Loss) 65589 (62) Your answer is partially correct. Prepare a retained earnings statement for 2020. Matthew paid a $17,100 cash dividend during the year. (recorded in Retained Earnings.) (List items that increase owner's capital first.) MATTHEW CONSULTING ENGINEER Statement of Retained Earnings For the Year Ended December 31, 2020 Retained Earnings, January 1 25342 Add : Net Income /(Loss) 65589 Less : Dividends Retained Earnings, December 31 90931 e Textbook and Media List of Accounts Save for Later Attempts: 2 of 3 used Submit