The account balances and income statement of Winniford Towing Service at June 30, 2018, follow: LOADING...(Click the icon to view the account balances.)LOADING...(Click the icon to view the income statement for the month.) Requirements 1. Prepare the statement of retained earnings for Winniford Towing Service for the month ending June 30, 2018. 2. What does the statement of retained earnings report? Requirement 1. Prepare the statement of retained earnings for Winniford Towing Service for the month ending June 30, 2018.

A. $8,200

B. $7,800

C.The retained earnings will report the changes in retained earnings for a business entity during a time period

Explanation:

A. Preparation of the statement of retained earnings

Statement of Retained earnings for the month ending June 30, 2018.

Retained Earning June 1 2018 $3,400

Add Net income for the month $7,800

Total $11,200

Less:Dividend $3,000

Retained earnings June 30 $8,200

($11,200-$3,000)

Therefore the Statement of Retained earnings for June 30 will shows the amount of $8,200

2.Preparation of Income statement

Income statementfor the month ending June 30, 2018.

Revenue:

Service Revenue $10,800

Less :Expenses

Salary expenses ($2,200)

Rent expenses ($800)

Net income $7,800

($10,800-$3,000)

Therefore Winniford Towing Service Income statement Net income show the amount of $7,800.

C. Based on the above calculation the statement of retained earnings will report the changes in retained earnings for a business entity during a time period

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