4 What item appears on both the retained earnings statement

4. What item appears on both the retained earnings statement and tl Obj. 5 PR 1-3A Financial statements Seth Feye established Reliance Financial Services on July 1, 2018. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow: Net income: $31,200 EXCEL TEMPLATE

Solution

Solution 1:

Solution 2:

Solution 3:

Solution 4:

Income statement
Particulars	Amount
Fees earned	$144,500.00
Operating expenses:
Salaries expense	$55,000.00
Rent Expense	$33,000.00
Auto Expense	$16,000.00
Supplies expense	$4,500.00
Misc expense	$4,800.00
Total operating expenses	$113,300.00
Net Income	$31,200.00