Prepare the statement of retained earnings for Drought

Design Studio #324

Prepare the statement of retained earnings for Drought Design Studio for the year ending
December 31, 2016.The assets, liabilities, and equities of Drought Design Studio have the
following balances at December 31, 2016. The retained earnings was $31,000 at the beginning
of the year with common stock of $20,000 and dividends of $55,000 at year end.Notes Payable
.......... $ 9,800Rent Expense .......... 22,000Cash ............. 3,100Office Supplies .......
4,500Salaries Expense ....... 62,000Property Tax Expense ....... 1,200Office Furniture ....... $
55,200Utilities Expense ....... 6,500Accounts Payable ....... 3,700Service Revenue .......
159,200Accounts Receivable ....... 10,200Miscellaneous Expense .... 4,000View Solution:
Prepare the statement of retained earnings for Drought Design Studio

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