Question

The income statement for the Marin Inc. for the month ended July 31 shows Service Revenue $19,560, Salaries and Wages Expense $9,600, Maintenance and Repairs Expense $4,420, and Income Tax Expense $1,340. The statement of retained earnings shows an opening balance for Retained Earnings of $20,650 and Dividends $1,770.
Required:
What is the ending balance in Retained Earnings?

Answer 1

Answer:

The income statement for the Marin Inc. for the month ended July 31 shows Service Revenue $19,560, Salaries and Wages Expense $9,600, Maintenance and Repairs Expense $4,420, and Income Tax Expense $1,340. The statement of retained earnings shows an opening balance for Retained Earnings of $20,650 and Dividends $1,770.

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