The adjusted trial balance of Lopez Company at December 31, 2014, includes the f

Question

The adjusted trial balance of Lopez Company at December 31, 2014, includes the following accounts: Common Stock $16,306; Dividends $6,215; Service Revenue $37,234; Salaries and Wages Expense $16,779; Insurance Expense $1,234; Rent Expense $3,028; Supplies Expense $1,753; and Depreciation Expense $1,102.

Prepare a retained earnings statement for the year assuming net income is $13,338 for the year and Retained Earnings is $9,042 on January 1. (List items that increase Retained earnings first.)

LOPEZ COMPANY
Retained Earnings Statement
For the Year Ended December 31, 2014 Dividends Expenses InvestmentsNet Income / (Loss) Retained Earnings, January 1 Retained Earnings, December 31 RevenuesTotal ExpensesTotal Revenues $ Add Less: Dividends Expenses InvestmentsNet Income / (Loss) Retained Earnings, January 1 Retained Earnings, December 31 RevenuesTotal ExpensesTotal Revenues Add Less: Dividends Expenses InvestmentsNet Income / (Loss) Retained Earnings, January 1 Retained Earnings, December 31 RevenuesTotal ExpensesTotal Revenues Dividends Expenses InvestmentsNet Income / (Loss) Retained Earnings, January 1 Retained Earnings, December 31 RevenuesTotal ExpensesTotal Revenues $

Explanation / Answer

Hi,

Please find the answer as follows:

Thanks.

LOPEZ COMPANY
Retained Earnings Statement
For the Year Ended December 31, 2014 Retained Earnings January 1 9042 Add Net Income 13338
22380 Less Dividends 6215 Retained Earnings December 1 16165

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