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The adjusted tabular summary of Warbocks Corporation at December 31, 2022 includes the following accounts: Retained Earnings $12,600; Dividends $5,000; Service Revenue $30,000; Salaries and Wages Expense $15,000; Insurance Expense $2,000; Rent Expense $4,500; Supplies Expense $500; and Depreciation Expense $1,000. Prepare a retained earnings statement for the year.

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Answer:

First calculate Net Income;

= Service revenue - Salaries and Wages Expense - Insurance Expense - Rent Expense - Supplies Expense - Depreciation Expense

= 30,000 - 15,000 - 2,000 - 4,500 - 500 - 1,000

= $7,000

                           Statement of Retained Earnings

Beginning Balance                                        $12,600

Add: Net Income                                           $ 7,000

                                                                       $19,600

Less: Dividends                                              $5,000

Closing Balance                                             $14,600

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