This information relates to Nashs Trading Post LLC for the y

Exercise 1-4 This information relates to Nash\'s Trading Post, LLC for the year 2017. Retained earnings, January 1, 2017 $68,340 Advertising expense 1,836 Dividends 6,120 Rent expense 10,608 Service revenue 59,160 Utilities expense 2,448 Salaries and wages expense 30,600

Solution

Nash\'s Trading Post, LLC Income Statement For the Year Ended December 31, 2017 Revenues Service revenue $     59,160 Less:Expenses Salaries and wages expense $ 30,600 Rent expense $ 10,608 Utilities expense $    2,448 Advertising expense $    1,836 Total expenses $     45,492 Net income $     13,668 Nash\'s Trading Post, LLC Retained Earnings Statement For the Year Ended December 31, 2017 Retained earnings, January 1 $ 68,340 Add: Net income $ 13,668 $ 82,008 Less: Dividends $    6,120 Retained earnings, December 31 $ 75,888