E$4-16$ through E$4-18($Algo$)$ Recording Four Adjusting Journal Entries, Preparing an Adjusted Trial

Balance, Reporting an Income Statement, Statement of Retained Earnings, Balance Sheet,

Recording Closing Entries $[$LO $4-2,$ LO $4-3,$ LO $4-4,$ LO $4-5]$

$[$The following information applies to the questions displayed below.$]$

Mint Cleaning Incorporated prepared the following unadjusted trial balance at the end of its second year of

operations ending December $31.($Assume amounts are reported in thousands of dollars.$)$

Other data not yet recorded at December $31$:

a$.$ Insurance expired during the year, $$6.$

b$.$ Depreciation expense for the year, $$5$

c$.$ Salaries and wages payable, $$8.$

d$.$ Income tax expense, $$10.$

E$4-17($Algo$)$ Part $2$

Required:

Using the adjusted balances, prepare a statement of retained earnings for the year ended December $31.($Enter your answers in

thousands, not in dollars $($i$.$e$.,10,000$ should be entered as $10).)$

MINT CLEANING INCORPORATED

Statement of Retained Earnings

At December $31$