Daniel Hair Stylists' adjusted trial balance and income statement follow. Prepare Daniel's statement of retained earnings for th
e year ended December 31, 2018.
Daniel Hair Stylists Income Statement, Year Ended December 31, 2018
Revenues
Service Revenue $16,700
Expenses
Rent Expense $5,100
Interest Expense 2,400
Depreciation Expense - Equipment 1,700
Supplies Expense 500
Total Expenses 9,700
Net Income (Loss) $7,000
Daniel Hair Stylists Adjusted Trial Balance
Account Title Debit Credit
Cash $1,200
Accounts Receivable 1,900
Office Supplies 1,000
Equipment 19,700
Accumulated Depreciation - Equipment $1,700
Accounts Payable 950
Interest Payable 800
Notes Payable 3,500
Common Stock 10,950
Dividends 1,100
Service Revenue 16,800
Rent Expense 5,100
Supplies Expense 500
Depreciation Expense - Equipment 1,700
Interest Expense 2,400
Total $34,600 $34,600
