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Accent Photography works weddings and prom-type partitions. The balance of retained earnings was $28,000 at December 31, 2017. At December 31, 2018, the business's counting records show these balances: Score: 6.27 of 20 pts 6 of 14 (6 completel HW Soore 22.5 P1-43A (open response) Accend Pholography works weddings and prom-type partions. The balance of retained eamings was $28,000 a December 31, 2017. At December 31, 2018, the businesss oounting reoords show heso balances: IEE (Click the icon to view the accounts) Propare the following financial statements for Accent Pholography for the yeer anded Decambe b. Stalement of retained eamings. Balanon sheel. salaries expense insurance exponse advertising expense $ 23,000 8,000 4,500 total expense Data Table 34,500 b. Prepare Accent Photographys statement of retained eamings. (Check your spelling carelul Insuranco Expense $ 8,000 Accounts Rocelvable $ 7,000 37,000 Notes Payablie 14,000 Retained Earnings, Dec. 31, 2018 Cash 9,000 Accounts Payable Advertising Expense Service Revenue Dividends ,500 Salaries Expense 70,000 Equipment 18,000 Common Stock 23,000 51,500 28,000 Print Done Retained Earnings, December 31, 2018 Choose from any list or enter any number in the input fields and then click Check Answer Clear All


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Answer #1
Net Income:
Service revenue 70000
Less: expenses
Insurance expenses 8000
Advertising expenses 4500
Salaries expense 23000
Total expenses 35500
Net Income: 34500
Statement of Retained earnings:
Beginning balance of Re 28000
Add: Net income 34500
Sub-total 62500
Less: Dividend paid 18000
Ending balance of RE 44500
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