Homework Answers
Statement of Retained Earnings
| Retained Earnings on December 31, 2016 | 12,600 |
| Net Income for the year ended on December 31, 2017 | 12,000 |
| Dividends paid to Shareholders | -6,000 |
| Retained Earnings on December 31, 2017 | 18,600 |
Calculation of Net Income for the Period,
| Particulars | Amount($) |
| Service Revenue | 35,000 |
| Less: Salaries & Wages | -16,000 |
| Insurance | -2,000 |
| Rent | -3,500 |
| Supplies | -500 |
| Depreciation | -1,000 |
| Net Income | 12,000 |
Note: There is no specific format for the retained earnings statement, we should prepare the statement such that it will be clear and understandable.
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