Question: Creating a basic equity statement On December 31, Powell Co. had the following list of accounts and their respective annual balances. Accounts Payable $ 39.400

Creating a basic equity statement On December 31, Powell Co. had the following list of accounts and their respective annual balances. Accounts Payable $ 39.400 Dividends $ 19.700 Accounts Receivable 60,700 Legal Expense 4.000 Beginning Retained Earnings 9,500 Prepaid Rent 15.100 Capital Stock 66.700 Rent Expense 8.900 Cash 59,500 Supplies 15,700 Consulting Revenue 67,600 Supplies Expense 4,200 Deferred Revenue 10.100 Utilities Expense 5,500 Required: Complete the statement of changes in retained earnings below. Hint: First compute net income. Powell Company Statement of Changes in Retained Earnings Beginning Retained Earnings Net Income Retained Earnings For Year Ended December 31 Change in Retained Earnings Ending Retained Earnings $9,500 $ S $ 9,500 XX

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