Reporting Amounts on the Four Basic Financial Statements and Evaluating Financial Statements [L LO 1-3] [The following information applies to the questions displayed below.) The following information for the year ended December 31, 2016, was reported by Nice Bite, Inc. Accounts Payable Accounts Receivable Cash (balance on January 1, 2016) Cash (balance on December 31, 2016) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable Prepaid Rent Office Expense Retained Earnings (beginning) Salaries and Wages Expense Service Revenue Utilities Expense Salaries and Wages Payable $ 56,000 33,800 106,400 89,000 135,500 0 147,700 11,200 30, 600 18,300 35,000 8,100 15,400 11,800 36,800 159,800 26,200 19,000 PA1-3 Part 2 2. Prepare a statement of retained earnings for 2016. NICE BITE, INC. Statement of Retained Earnings Retained Earnings, January 1, 2016 Retained Earnings, Decemeber 31, 2016