Need Question ex118 ex 119 EX 118 Retained earnings stateme

Need Question ex-1-18 & ex 1-19

EX 1-18 Retained earnings statement Financial information related to Healthy Products Company for the month ended November Obj. ETE30, 2018, is as follows Net income for Novembe Cash dividends pald during November Retained earnings, November 1, 2018 $ 93,500 7,000 2,940,000 A. Prepare a retained earnings statement for the month ended November 30, 2018 B.Why is the retained earnings statement prepared before the November 30, 2018, balance sheet? EX 1-19 Income statement Imaging Services was organized on March 1, 2018. A summary of the revenue and expense transactions for March follows: Obj. SHI..Esow TEMPLATE Fees earned Wages expense Rent expense Supplies expense Miscellaneous expense 482,000 41,500 3,600 Prepare an income statement for the month ended March 31.

Solution

EX 1 -18 retained eaninings statement Beginning retained earnings 2940000 Net income 93500 Cash dividend -7000 Ending retained earnings 3026500 Ex 1 -19 Income statement Fees earned 482000 Less Expense Wages expense 300000 rent expense 41500 Supplies expense 3600 Misc. Expense 1900 Total expense 347000 Net income 135000