Partial adjusted trial balance for levin corporation at december 31, 2017, includes the following accounts: retained earnings $17,200, dividends $6,000, service revenue $32,000, salaries and wages expense $14,000, insurance expense $1,800, rent expense $3,900, supplies expense $1,500, and depreciation expense $1,000. the balance in retained earnings is the balance as of january 1. prepare a retained earnings statement for the year assuming net income is $10,400. (list items that increase retained earnings first.)

Explanation:

Before preparing the retained earning statement, First, we have to compute the ending balance of the retained earning account.  

The formula to compute the retained earnings ending balance is shown below:

The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid

= $17,200 + $10,400 - $6,000

= $21,600

The ending balance of retained earnings is  shown in the attached spreadsheet.  

answer; test-retest;

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