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EXTP Brief Exercise 4-17 (Part Level Submission) The income statement for the Windsor, Inc. for the...


EXTP Brief Exercise 4-17 (Part Level Submission) The income statement for the Windsor, Inc. for the month ended July 31 shows
What is the ending balance in Retained Earnings? Ending balance in Retained Earnings SHOWITET E ARTE
EXTP Brief Exercise 4-17 (Part Level Submission) The income statement for the Windsor, Inc. for the month ended July 31 shows Service Revenue $16,870, Salaries and Wages Expense $8,870, Maintenance and Repairs Expense $3,800, and Income Tax Expense $1,210. The statement of retained earnings shows an opening balance for Retained Earnings of $22,600 and Dividends $1,700. (a)
What is the ending balance in Retained Earnings? Ending balance in Retained Earnings SHOWITET E ARTE
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ReportAnswer #1

Answer: $23,890

Calculations:

Income statement
Service revenue $16,870
Expenses:
Salaries and wages expense $8,870
Maintenance and repairs expense $3,800
Income tax expense $1,210
Total expenses $13,880
Net income $2,990
Statement of retained earnings
Beginning Retained earnings $22,600
Add: Net income $2,990
(Less): Dividends ($1,700)
Ending retained earnings $23,890
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