Question: Prepare a retained earnings statement for July. ( List items that increase retained earnings first. ) Novak's Cleaning Service Retained Earnings Statement For the Month

Prepare a retained earnings statement for July. (List items that increase retained earnings first.)
Novak's Cleaning Service Retained Earnings Statement
For the Month Ended July 31,2022
$
Novak's Cleaning Service Income Statement
For the Month Ended July 31,2022
Revenues
Service Revenue
$
13,200
Expenses
\table[[,Trlal Balance,Adjustments,\table[[Adjusted Trial Balanc],[e]],Income Statement,Balance Sheet],[,Deblt,Credit,Deblt,Credit,Deblt,Credit,Deblt,Credit,Debit,Credit],[Cash,5,930,,,,5,930,,,,5,930,],[Accounts receivable,7,100,,2,700,,9,800,,,,9,800,],[Supplies,2,100,,,1,500,600,,,,600,],[Prepaid insurance,1,920,,,192,1,728,,,,1,728,],[Equipment,8,900,,,,8,900,,,,8,900,],[Accounts payable,,3,800,,,,3,800,,,,3,800],[Common stock,,20,100,,,,20,100,,,,20,100],[Dividends,5,600,,,,5,600,,,,5,600,],[Service revenue,,10,500,,2.700,,13,200,,13,200,,],[Gasoline expense,350,,,,350,,350,,,],[Salaries and wages,2,500,,1,070,,3,570,,3,570,,,],[34,400,34,400,,,,,,,,],[Depreciation,,,600,,600,,600,,,],[Acc Dep - Equipment,,,,600,,600,,,,600],[Insurance,,,192,,192,,192,,,],[Supplies,,,1.500,,1,500,,1,500,,,],[Salaries and wages payable,,,,1.070,,1,070,,,,1,070],[,,6.062,6.062,38,770,38,770,6,212,13,200,32.558,25,570],[Net income,,,,,,,6,988,,,6,988],[Totals,,,,,,,13,200,13,200,32.558,32,558]]
 Prepare a retained earnings statement for July. (List items that increase

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!