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Account Balances

$\backslash$table$[[$Notes Payable,$513,900],[$Rent Expense,$25,000],[$Cash$,4,100],[$Supplies$,4,700],[$Salaries Expense,$66,000],[$Property Tax Expense,$2,200],[$Office Furniture,$53,200],[$Utilities Expense,$6,500],[$Accounts Payabile,$3,400],[$Service Revenue,$165,300],[$Accounts Receivable,$8,900],[$Miscellantous Expense,$4,000]]$

$$

The assets, labilities, and equities of Rustic Design Stuslo have the following balances at December $31,2025,$ The Retained Eamings was $534,000$ at the beginning of Ad year end, Common Stock was $$11,000$ and Dividends were $$50,000.$

Vor the account balances. Yee the income statement

Prepare the statement of retained earnings for Rustic Design Studio for the year ending December $31,2025.($friter any increases in retained eamings prior to the suble any decreases to retained earnings below the subtolat.$)$

$\backslash$table$[[$Rustic Design Studio$],[$Statement of Retained Earnings$],[$Year Ended December $31,2025],[$Retained Earnings, January $1,2025,165\mathrm{.}300],[$Net income for the year,$58\mathrm{.}600],[$Subtotal$,],[,],[$Retained Earnings, December $31,2025,]]$

Income Statement

$\backslash$table$[[$Rustic Design Studio$],[$Income Statement$],[$Year Ended December $31,2925],[$Revenues:$],[$Service Revenue,,,$$,185\mathrm{.}300],[$Expenses:$],[$Salaries Experrise,$5,68,000,,],[$Rent Expense,,$28,000,,],[$Utilities Expense,,$8,500,,],[$Miscellaneous Expense,,$4,000,,],[$Property Tax Expense,,$2,200,,],[$Total Expenses,,,,$156\mathrm{.}700],[$Net Income,,,$5,54\mathrm{.}600]]$