PRINTER VERSION BACK NEXT Exercise 13-9 (Part Level Submission) Larkspur Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end, July 31, 2017. The following information has been taken from the adjusted trial balance: Accounts payable $26,000 Interest expense $5,600 Cash dividends-common 57,000 Notes payable 120,000 Common shares 205,000 Retained earnings (Aug. 1, 2016) 309,400 Cost of goods sold 311,000 Salaries expense 133,000 Dividends payable 15,300 Sales 662,000 Income tax expense 29,900 Supplies expense 10,000 Income tax payable 2,700 Unearned revenue 12,100 All accounts have normal balances and total assets equal $807,000. Larkspur has a 29% income tax rate. (a) Your answer is partially correct. Try again. Prepare a statement of retained earnings. (List items that increase retained earnings first.) LARKSPUR INC. Statement of Retained Earnings Year Ended July 31, 2017 Balance, August 1, 2016 309,400 Add Net Profit/ (Loss) 315,500 486,400 Less Cash Dividends 57,000 Balance, July 31 429,400 Attempts: 7 of 15 used SAVE FOR LATER SUBMIT ANSWER (61) The parts of this question must be completed in order. This part will be available when you complete the part above (62) The parts of this question must be completed in order. This part will be available when you complete the part above