Question

The account balances of Wilford Towing Service at June 30, 2016, follow
Equipment ........... $ 17,500
Office Supplies ........... 1,300
Notes Payable ........... 6,900
Rent Expense ........... 800
Cash ............... 1,900
Dividends ........... 2,000
Service Revenue ....... $ 13,000
Accounts Receivable ....... 8,200
Accounts Payable ....... 6,000
Retained Earnings, June 1, 2016 ... 3,700
Salaries Expense ....... 1,900
Common Stock ....... 4,000
Requirements
1. Prepare the statement of retained earnings for Wilford Towing Service for the month ending June 30, 2016.
2. What does the statement of retained earnings report?


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  • CreatedJune 12, 2015
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