00:01
The adjusted trial balance of novak corporation includes the following accounts.
00:07
Retained earnings of 12 ,852, dividends of 5 ,100, service revenue of 30 ,600, wages expense of 15 ,300, insurance expense for 2 ,040, rent expense for 20 ,40, rent expense, for $4 ,590, supplies expense for $510, and depreciation expense for $1 ,020.
01:00
They've asked us to prepare a statement of retained earnings for the year.
01:05
Statement of retained earnings includes a few different accounts.
01:10
We start off with beginning retained earnings, which they gave us as $12 ,800.
01:18
You have to add net income.
01:21
So here's where we'll have to come back to because we don't have net income yet.
01:27
From there, you subtract dividends, which it gives us this $5 ,100.
01:34
And that gets you to your ending retained earnings amount, which we also don't have because we don't have the net income yet...