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please provide the information for the retained earnings statement only Flounder Equipment Repair began operating in September 2017. It prepares financial statements at the end
please provide the information for the retained earnings statement only
Flounder Equipment Repair began operating in September 2017. It prepares financial statements at the end of each month. On November 1, 2017, a tabular summary includes the following information. Note that Flounder began the month with $3,750 in Retained Earnings. This balance represents the results of its first two months of business. Assets Stockholders Liabilities Unearn. Serv. Rev. Accts. + Acc. Depr.- = Equip. 500 Accts. Rec. Com. Stock R E Cash + Pay. + + Sal./Wages Pay. 830 + + Supplies + 1,870 + Equip. 10,750 11/1 Bal. 3,540 + 3,120 + + 3,050 + 400 + 10,750 + During November, the following summary transactions were completed. Nov. 8 10 12 15 17 20 Paid $1,220 for salaries due employees, of which $390 is for November and $830 is for October salaries payable. Received $1,860 cash from customers in payment of account. Received $3,810 cash for services performed in November. Purchased store equipment on account $3,900. Purchased supplies on account $1,360. Paid creditors $2,600 of accounts payable due. Paid November rent $450. Paid salaries $1,080. Performed services on account worth $970 and billed customers. Received $750 from customers for services to be performed in the future. 22 25 27 29 Nov. 8 10 12 15 17 Paid $1,220 for salaries due employees, of which $390 is for November and $830 is for October salaries payable. Received $1,860 cash from customers in payment of account. Received $3,810 cash for services performed in November. Purchased store equipment on account $3,900. Purchased supplies on account $1,360. Paid creditors $2,600 of accounts payable due. Paid November rent $450. Paid salaries $1,080. Performed services on account worth $970 and billed customers. Received $750 from customers for services to be performed in the future. 20 22 25 27 29 Adjustment data: 1. 2. Supplies on hand are valued at $1,250. Accrued salaries payable are $490. Depreciation for the month is $300. Services were performed to satisfy $500 of unearned service revenue. 3. 4. Prepare a retained earnings statement for November 30. Flounder Equipment Repair Retained Earnings Statement $ $Step by Step Solution
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