Solution-Prepare a retained earnings statement for the

Prepare a retained earnings statement for the month of June

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Reference no: EM133128596

Question - On June 1, 2022, Waterway Industries was started with an initial investment in the company of $25,194 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations:

Cash	$5,244	Notes payable	$13,680
Accounts receivable	4,560	Accounts payable	570
Service revenue	8,550	Supplies expense	1,140
Supplies	2,736	Maintenance and repairs expense	684
Advertising expense	456	Utilities expense	342
Equipment	29,640	Salaries and wages expense	1,596
Common stock	25,194

During June, the company issued no additional stock but paid dividends of $1,596.

Required - Prepare a retained earnings statement for the month of June.

Reference no: EM133128596

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Prepare a retained earnings statement for the month of June

Reference no: EM133128596

Reference no: EM133128596

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