Question

The following Information for the year ended December 31, 2016, was reported by Nice Blte, Inc. Accounts Payable Accounts Receivable Cash (balance on January 1, 2816) Cash (balance on December 31, 2816) Conmoni Stock Dividends Equipnent Income Tax Expense Interest Expense Inventory Notes Payable Prepaid Rent Office Expense Retained Earnings (beginning) Salaries and Hages Expense Service Revenue utilities Expense Salaries and Hages Payable $51,88e 28,8ee 1ee,998 96,898 147,09 142, 780 18, 790 3e,lee 17,see 29,500 7,688 14,999 9,300 36,389 149, 880 25,790 14,899 Other cash flow information: Cash from issuing common stock Cash paid to reacquire comnon stock Cash paid for incone taxes Cash paid to purchase long-tern assets Cash paid to suppliers and employees Cash received fron customers 27,8ee 3e,588 11,600 58,480 90,488 149,690 Prepare a statement of retalned earnings for 2016. Retained Earnings, January 1,2016 Retained Earnings, Decemeber 31, 2016

Answer 1

Answer:

NICE BIT ,INC
STATEMENT OF RETAINED EARNINGS
Retained earnings, January 1, 2016	$9,300
Net income for the year	$ 32,100
Retained earnings, December 31, 2016	$41,400

INCOME STATEMENT
	Amount($)	Amount($)
Revenues:
Service revenue	1,49,800
Total revenues		$ 1,49,800
Expenses:
Office expense	14,900
Salaries and wages expense	36,300
Utilities expense	25,700
Interest expense	30,100
Income tax expense	10,700
Total expense		$1,17,700
Net Income		$32,100