Question

These financial statement items are for Martinez Company at year-end, July 31, 2022. Salaries and wages payable $ 2,400 Notes payable (long-term) $ 1,600 Salaries and wages expense 51,000 Cash 13,200 Utilities expense 22,900 Accounts receivable 9,800 Equipment 29,300 Accumulated depreciation-equipment 6,300 Accounts payable 4,500 Dividends 2,700 Service revenue 61,000 Depreciation expense 4,200 Rent revenue 9,000 Retained earnings (beginning of the year) 20,900 Common stock 27,400 Prepare a retained earnings statement for the year.\

Answer 1

Answer:

See below

Explanation:

Statement of Retained earnings for the year is computed as;

Retained earning at the beginning

$20,900

Add service revenue

$61,000

Less dividend

($2,700)

Retained earnings for the year

$79,200

Please note that other information given are not relevant for the preparation or computation of statement of retained earnings for the year.