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History Bookmarks Window Help Ea 51% Fri 4:16 PM a E edugenwileyplus com Foley Adverti Return to Blackboard Kimmel, Accounting: Tools for Business Decision Making, see Help l System Announcements (2 Unread) NEXT PRINTER VERSION Brief Exercise 4-11. Partial adjusted trial balance for Ravine Corporation at December 31, 2014, includes the following accounts: Retained earnings $16,16s Revenue $38,840; Salaries and Dividends $6,620; Service The balance in Retained Wages Expense $14,865: I Expense $1,994; Rent Expense s3,803; Supplies Expense $1,556; and Depreciation Expense Earnings is the balance as of January Prepare a retained earnings statement for the year assuming net income is $15,794. (List items that increase retained earnings first) RAVINE CORPORATION Retained Earnings Statement For the Year Ended December 31, 2014 click if you would like to show work for this question: Open Show Work SHow LIST or AccouNTs

Explanation / Answer

Service revenue                                                                 $38,840

Less:Expenses

Salaries & wages           $14,865

Insuracne expense             1,994

Rent expense                      3,803

Supplies expense               1,556

Depreciation expense           828                   ($23,046)

Net income                                                      $15,794

Retained Earnings

opening balance                                        $16,165

Add:Net income                                           15,794

                                                                       31,959

less:dividend paid                                         6,620

Closing balance retained earnings             25,339

Ignore the above part here is the answer as per attached sheet

Retained Earnings

opening balance                                        $16,165

Add:Net income                                           15,794

                                                                       31,959

less:dividend paid                                         6,620

Closing balance retained earnings             25,339

Service revenue                                                                 $38,840

Less:Expenses

Salaries & wages           $14,865

Insuracne expense             1,994

Rent expense                      3,803

Supplies expense               1,556

Depreciation expense           828                   ($23,046)

Net income                                                      $15,794

Retained Earnings

opening balance                                        $16,165

Add:Net income                                           15,794

                                                                       31,959

less:dividend paid                                         6,620

Closing balance retained earnings             25,339

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