Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, Equipment $24,000 Accounts Payable 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 Retained Earnings 2,255 Dividends 10,400 Service Revenue 99,500 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Taxes Expense 5,400 Totals $144,880 $144,880 Required: Prepare a retained earnings statement for Sparrow for 2019. Sparrow Company Retained Earnings Statement For the Year Ended December 31, 2019 Beginning retained earnings $ Add: Net income Less: Dividends Ending retained earnings $ Feedback Prepare a retained earnings statement with proper form. The retained earnings statement summarizes and explains the changes in retained earnings during a period. Consider the items that cause retained earnings to increase or decrease. Check My Work1 more Check My Work uses remaining. PreviousNext