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Valentin [98]
2 years ago
13

The adjusted trial balance of Novak Corporation at December 31, 2022 includes the following accounts: Retained Earnings $12,852;

Dividends $5,100; Service Revenue $30,600; Salaries and Wages Expense $15,300; Insurance Expense $2,040; Rent Expense $4,590; Supplies Expense $510; and Depreciation Expense $1,020. Prepare a retained earnings statement for the year. (List items that increase retained earnings first.)
Business
1 answer:
WARRIOR [948]2 years ago
3 0

Answer and Explanation:

The preparation of the retained earnings is presented below:

<u>Novak corporation </u>

<u>Statement of retained earnings</u>

<u>For the year ended Dec 31,2022</u>

<u>Particulars                                         Amount</u>

Opening bal of retained earnings    $12,852

Add: Net income                                $7,140

($30,600 - $15,300 - $2,040 - $4,590 - $510 - $1,020)

Less: dividend paid                            -$5,100

Ending balance of retained earnings $14,892

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